Why Bitcoin is the most Preferred Choice

[Aanuoluwatofunmi]

source

Bitcoin is Better

One can actually proof this over and over again on the uniqueness of bitcoin as the best and preferable source of an asset and a digital currency that has every tenderness to solve the demanding economic challenge with applicable solutions on many areas in its application, gold is good but bitcoin is a better form of an asset trending whereby everyone want to learn about bitcoin, fiat currency couldn't solve the inflation problem and is being affected to the worst extent where recession now becomes a threat on world economy, here the illustration gives the impression of bitcoin being identified as the choicest and most preferred means to invest with, its both the combination of an asset and a currency in which either gold or fiat couldn't serve and that's why you discover that bitcoin has achieved a milestone worthwhile only within a couple of years.

What you benefits with Bitcoin against fiat or gold

While in addition to what the above illustration gives about bitcoin, i will like to add and give these five quogent points along with what difference bitcoin comes with.
 
1. Decentralization of assets
2. No KYC required for investment
3. Digital and secured form of asset and currency
4. High profitability with less risk
5. No inflation tolerance or price manipulation

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[Frankolala]

Bitcoin has so many advantages over gold as an asset. The purchase of gold needs physical contact between the buyer and the seller which might lead to insecurity. To buy bitcoin is easy and secured both the buyer and the seller don't even see each other which is a safe method. During inflation fiat currency becomes scarce but Bitcoin can not be scarce

Not everyone has the awareness of Bitcoin concept,this makes some people feel that gold is more valuable than Bitcoin. Payment of goods and services across boarders can only be achieved with Bitcoin because of it decentralized system. In the next 30yrs. I guess Bitcoin will solve so many problems in the economy sector.

[mk4]

2. Yes, only if you do P2P transactions
3. Secured only if you know what you're doing concerning wallet security
4. High potential profitability, with lessrisk
5. Yea bitcoin definitely has been doing great in the recent inflationary economy  /s

[Pmalek]

2. No KYC required for investment

This is debatable and depends on how you acquire your coins. Decentralized exchanged don't require KYC. Face-to-face meetings also. Mining also has no KYC. But if we switch our focus to centralized exchanges, OTC trading, or certain investment platforms, it becomes harder to avoid KYC.

3. Digital and sucured form of asset and currency

Depends on each person and the way they handle the keys that secures their coins. On a protocol-level, it can be highly secure. In reality, it depends on the knowledge of skillset of the bitcoin owner.

4. High profitability with less risk

Bitcoin, just like the whole crypto market is very volatile. Investing in bitcoin has proven to be a profitable investment long-term. But in the short-term that is not always the case. And there is risk involved in all investments, especially the volatile ones.

5. No inflation tolerance or price manipulation

Bitcoin is susceptible to market manipulation and big whales and bag holders can steer the price in their favored direction. If you add media influence and policy changes to the mix, you get a pretty dangerous combination. No inflation tolerance, really? Should we look at the charts for the last 3 months? The one for the last 6 months isn't better either.   

[franky1]

bitcoin does not waste energy. it uses the energy that would be produced anyway which previously was simply not sold.

by bitcoin as a new industry buying up more energy helps support power production to pay off its initial build costs earlier thus enabling them to expand sooner

with that now explaining that bitcoin is not a waste.. bitcoin is the sole network that uses the most energy to secure the network. it costs alot for a malicious pool to try to do a chain re-org. thus it secures the immutability of transactions

also with the cost of mining as a underlying (non-zero) value to the market price because no one would dare sell a bitcoin for a couple digits these days as no one can acquire bitcoin so cheap(unlike its forks/alts). this support is good for bitcoin as it adds to the store of value protection

bitcoin offers many things.
imagine you are a poor country earning a couple dollars a day salary. you cannot just put a bit of your salary towards buying Tesla or Apple shares as you have to buy whole shares just to become an investor. yet people can invest into bitcoin with as small amount as they like buying decimal amounts of bitcoin

bitcoin also has its own features where its deflationary, unlike things like tesla or apple shares. so its a better investment all round

bitcoin is better than gold asset(not commodity) feature
yes gold used for jewellery and electronics)commodity market) will always have its place. but buying gold to hoard for investment(asset market) has less features compared to bitcoin
storage, delivery, security is better with bitcoin. again if you wanted to buy a 1oz gold coin and get it delivered and secure stored at your home costs alot more then just buying 0.08btc

golds value window is a 900-2000 zone which the price wiggles within where as say 0.08btc currently is about $1.6k which is golds price
but that 0.08 has seen a 5 year value window of 320-5.6k

meaning the potential up-down of spread means more opportunity to profit by playing the swings
..
personally i have been able to travel to different countries without needing to hold paper cash in my suitcase or a debit card i can just remember a dozen words and not worry about border confiscations

i have given amounts away without having to set up bank account transfers or having to give over my bank details to others to debit my account

but the main thing is this
if i kept my fiat as fiat from 2012. the amount of groceries would not buy me as many groceries today.
if i stored it as gold and used the silly "cash for gold" services again les groceries today
but with bitcoin i can sell out even today and still buy alot more groceries than i would years ago. bitcoin is a better store over all long term than any investment i had in the past, whether its gold, shares, basic bank savings account or paper bank notes under the pillow. bitcoin is better than all

comparing bitcoin to other crypto.
their lack of underlying value. their speculative risk. their lack of utility makes them less desirable

[avikz]

Bitcoin is good but not the best! We have many other technically advanced cryptocurrencies available in the market. They are cheaper, more anonymous and faster than bitcoin. The only thing bitcoin is good at is the global network of miners. People have invested millions of dollars to setup their mining operations across the world. They are the backbone of bitcoin and because of them bitcoin is the strongest cryptocurrency in the market if we look at its demand and supply.

That's why it is preferable in most of the cases where cryptocurrency is required. The liquidity of bitcoin is highest among its peers. That's what it is, really!

[Flexystar]

More power to bitcoin but . .
Bitcoin isn’t unique in terms of financial asset. It is just another form of asset which is still measured against fiat currency so that we can value it.

I would have called it unique if bitcoin was bitcoin and everything else had no value if not measured in terms of bitcoin.

For example, tomorrow I may purchase private island and declare it nation and start my own currency in the form of stones and shrimps. That would not make them unique isn’t it? And not for very long!

Bitcoin is art of best coding and algorithm which got valued because we started trading it by means of its “fiat value”. Just like oil, just like gold, nothing special?

[pooya87]

5. Yea bitcoin definitely has been doing great in the recent inflationary economy  /s

In a way bitcoin price has been performing very well. If you think about it, when the invasion began the global economy started crashing. Bitcoin crashed too. But bitcoin crash ended in first week of June whereas the world economy continued dumping. In other words in the past 5 months despite all the inflation most of the world is experiencing, bitcoin price has been relatively stable.

[BlackHatCoiner]

"Gold is just bitcoin that can't be sent over the Internet" - Some random dude

Bitcoin is all these things, but it's essential as long as people use it as currency, which is currently uncommon, because first of all "bad money drives out good", and second there's lack of education. Mostly technical education. To use bitcoin as a decentralized, private, peer-to-peer, instant, cheap cash system, you need to setup a Linux computer, install a Bitcoin client, install a Lightning client, put some money on the latter, leave the computer running all day etc. etc. etc., so even if possible, it kinda requires some good hours to comprehend the important parts.

And yeah. People don't have time. Their responsibilities asides. I don't doubt there will be more educated user base in the future, though.

[BitcoinPanther]

1. Decentralization of assets

Is countered by centralized third party services.

2. No KYC required for investment

AS stated going through p2p do not require KYC but going through centralized company, we are required to pass KYC to do transaction.

3. Digital and secured form of asset and currency

Blockchain transaction is secure , sure!

4. High profitability with less risk

Not as high as altcoin though but Bitcoin market has lesser risk.  Still Bitcoin market is riskier compared to other non-crypto investment such as Real State.

5. No inflation tolerance or price manipulation

Bitcoin price is still affected by several powerful people and institution so it is not entirely true that there is no price manipulation here.

[Bugoy]

Unlike any other Crypto Currency Bitcoin is the Most Valuable Asset that anyone could have, It is volatile, unpredictable but it does not lose it's value. as of now we are seeing Downtrend of it's price due to the supply and Demand.

[serjent05]

Just to make it simple, Bitcoin is the most preferred choice among cryptocurrencies because it is the father of all cryptocurrencies, its dominance in the market is obvious and the market is proven that it is following a cycle that is dependent on its halving event.  In short, Bitcoin offers security and peace of mind as long as the person holding the coins has patience. 

[Solosanz]

1. Decentralization of assets
2. No KYC required for investment
3. Digital and secured form of asset and currency
4. High profitability with less risk
5. No inflation tolerance or price manipulation

Number 1 and 2 are tricky here, it's true Bitcoin itself is decentralized which can't be controlled by any third parties and you don't have to submit your KYC if you trade Bitcoin peer to peer or using decentralized exchange. But most people are hold their coins on centralized exchanges which kill the purpose of Bitcoin, the exchange aka third parties has a control over their coins and they will ask the user KYC since it's their rules.

Number 4, Actually Bitcoin has a high risk since there's no guarantee the price will always increase when 4 year cycle happen, it's just a story.

[laurenB7742]

4. High profitability with less risk
5. No inflation tolerance or price manipulation

4. If you compare bitcoin to altcoins this statement seems absolutely true but if you compare bitcoin to gold and fiat it is only 1/2 true, bitcoin offers high return and very high risk compared to gold and fiat, the higher the return the higher the risk, this is inseparable.

5. This statement is only partially true, Bitcoin has also been affected by inflation but not really too much and it is doing better than other assets like fiat which continues to depreciate relentlessly. But in my opinion, bitcoin is the most manipulated asset, even though it is decentralized it still suffers from price manipulation.

[cryptoaddictchie]

But most people are hold their coins on centralized exchanges which kill the purpose of Bitcoin, the exchange aka third parties has a control over their coins and they will ask the user KYC since it's their rules.

Likely an exception. Most of the traders prefer a volatilty, convenient, fast way of appreciating their asset like bitcoin so to do trading on market with high volume they register there. OP probably didnt see that. Bitcoin is decentralized outside these cex and that should be prioritize which the government seeks not to happen but do a regulation about it.

[davis196]

1. Decentralization of assets
2. No KYC required for investment
3. Digital and secured form of asset and currency
4. High profitability with less risk
5. No inflation tolerance or price manipulation

1.I'm OK with this statement, but can you show me a clear benefit of decentralization?
2. So you are saying that buying BTC doesn't require KYC? Have you ever tried to buy BTC without KYC? This seems far away from the truth.
3. This sentence sounds pretty blank to me. Are you saying that digital assets are more secure than non-digital assets? This is another wrong statement, if you ask me.
4. High profitability always comes with high risk. There's no way around this.
5. The Bitcoin price was manipulated in the past. Maybe it can be manipulated in the future. Who knows?
I'm not criticizing Bitcoin, I just want to show you that many people have false expectations about Bitcoin. Many people think that Bitcoin is a magical investment, that will make them rich overnight.

[Yaunfitda]

But most people are hold their coins on centralized exchanges which kill the purpose of Bitcoin, the exchange aka third parties has a control over their coins and they will ask the user KYC since it's their rules.

Likely an exception. Most of the traders prefer a volatilty, convenient, fast way of appreciating their asset like bitcoin so to do trading on market with high volume they register there. OP probably didnt see that. Bitcoin is decentralized outside these cex and that should be prioritize which the government seeks not to happen but do a regulation about it.

Yeah, I think it's base on individual preferences, majority of us here doesn't want to complicate things, so either we just buy on CEX nad left it there (although this is a bad practice), or just HODL on a wallet that we have total control of private keys and mnemonic phrases.

As for bitcoin being the preferred choice, it's easy, the gold standard of crypto, the top one, and the prime mover.

And for those who have at least seen a full cycle, we know how big it's going to be, and the potential profit that we are going to make resulting in economic freedom.

[Aanuoluwatofunmi]

1.I'm OK with this statement, but can you show me a clear benefit of decentralization?

Yes, when i particular thing is not identified with a particular person, place or thing, bitcoin is pseudoanonymous because Satoshi an anonymous person is believed to have invented it, decentralized in such away that it work by p2p on a decentralized blockchain network.

2. So you are saying that buying BTC doesn't require KYC? Have you ever tried to buy BTC without KYC? This seems far away from the truth.

Just as many have discussed from the thread, bitcoin can be private without KYC only if the person is conscious and intentional about the means to acquire it without KYC being involved, p2p through a decentralized network is one.

3. This sentence sounds pretty blank to me. Are you saying that digital assets are more secure than non-digital assets? This is another wrong statement, if you ask me.

What is meant here is that you could have a maximum security with bitcoin in form of an asset or as currency when you run a full node or bitcoincore or privately handles your keys that give access to your coins using reputation wallets like electrum or buying a hardware wallet, if you're being careful and intentional to how your asset are kept, its free from any form of physical attack or violence to your asset or currency since it's a digital form.

4. High profitability always comes with high risk. There's no way around this.

There's always risk in everything we do, but bitcoin compared to other currencies or assets have an optimum extent of risk not beyond control unlike other cryptocurrencies, if you learn about bitcoin.

5. The Bitcoin price was manipulated in the past. Maybe it can be manipulated in the future. Who knows?
I'm not criticizing Bitcoin, I just want to show you that many people have false expectations about Bitcoin. Many people think that Bitcoin is a magical investment, that will make them rich overnight.

I agree with you to an extent but considering bitcoin being manipulated sounds odd and may got one discouraged from choosing it for an investment since it is believed that some kind of set of whales or people will go behind to set the price to their favour and others will be loosing, many wouldn't want to invest with bitcoin, to me i don't really believe there's manipulations anywhere, on a norms bitcoin dumps and on the same direction pumps up back through demand and it corresponding supply.

[Marvell1]

5. Yea bitcoin definitely has been doing great in the recent inflationary economy  /s

In a way bitcoin price has been performing very well. If you think about it, when the invasion began the global economy started crashing. Bitcoin crashed too. But bitcoin crash ended in first week of June whereas the world economy continued dumping. In other words in the past 5 months despite all the inflation most of the world is experiencing, bitcoin price has been relatively stable.

There is no doubt that bitcoin is doing better than any other asset during this time of economic crisis. Bitcoin has also fallen as inflation and crises have begun to hit us, but over time as things continue to plummet, but bitcoin is proving itself to be a more stable asset. Yesterday when the Fed announced interest rates at 0.75%, the stock market immediately continued to plunge but meanwhile, bitcoin was not volatile and still trading above $20k.


Source: @HiveBlockchain

For the first time in history, bitcoin has a more stable value than US stocks, I don't think there will be an asset class that can be more volatile than bitcoin

https://www.cnbc.com/2022/10/21/bitcoins-volatility-falls-below-nasdaq-and-sp-500s-for-first-time-since-2020.html

[kryptqnick]

I get what the image is trying to do, and I agree that Bitcoin generally has more benefits, but I want to comment on some of the content from it. Scarcity of gold is actually debatable because it's very possible that there are huge gold deposits somewhere that we just haven't discovered yet or are about to discover. As for divisibility, I'd say gold is divisible enough, so not having a tick there isn't very fair. And regarding established history, first fiat appeared during the Middle Ages, so it also has quite a big established history, I'd say. Moreover, the criteria we choose matter as well. If we chose something as relative stability, gold and fiat would tick, but Bitcoin wouldn't because it's usually more volatile. Also, we should ask for what Bitcoin is most preferred choice. For savings, for payments, for returns on an investment?