What are the reasons behind Bitcoin being so strong?

[Sammye3]

Bitcoin has every capacity to make us rely on its network, this is why the more people are getting to know about it the better it becomes and the stronger we are seeing it from time to time, everything about bitcoin network has been made on a strong foundation with the blockchain technology, we don't have to continue with our search for a reliable digital currency as long as we have come across with Bitcoin, all we need is to learn to know about bitcoin network and understand more of the blockchain technology the same time.

Above all, the widespread and decentralization of bitcoin is something remarkable and that's worth the recognition bitcoin gets. As the first digital currency, it should have the strongest network and global access compared to other cryptocurrency. Also, adding to the list that it has done so well since its creation till date, breaking new ATH and renewing the hope of many investors. Bitcoin is backed by some governments and widely used for international transactions, that's enough stronghold for it's sustenance.

[davis196]

Bitcoin biggest strength in my opinion is the fact that it's the closest thing we have to a decentralised money.
Other thing have remained the same because of this
Whether it's it limited supply or the fact it's pseudonymous.
Yes, there may come a time in the future when Bitcoin will be valued in the digital economy in the same way that gold is    

Bitcoin is the closest thing to decentralized digital money. Gold and silver can be viewed as an old form of decentralized money. Paper cash is somewhat decentralized(you can keep paper cash under your bed and the authorities won't know that you have it). I know that the central banks are devaluing paper money, but no government can confiscate your paper cash and gold, if you manage to hide them successfully.

[ruykeri]

Bitcoin is getting stronger over time due to all these factors. People demand and acceptance are increasing, institutional adoption is being created, due to all these factors, the power of Bitcoin is increasing. And because of Bitcoin's unstoppable stability, Bitcoin is moving forward a lot and will go in the future. For so many years, Bitcoin has been operating without any central authority, and it will continue to do so in the future. The convenience of transactions through Bitcoin is available at any time and from any situation. This type of feature will not be possible with any other economic system. The Bitcoin network will not be closed even by any political or government intervention. Due to all these factors, the power of Bitcoin is increasing further. And Bitcoin can be easily transacted or the portability of large amounts of assets can be so simple, it has been proven through Bitcoin.

[Primark]

Bitcoin is backed by some governments and widely used for international transactions, that's enough stronghold for it's sustenance.

Many governments have recognized or supported Bitcoin. However, there may also be many countries where Bitcoin may be against the laws of their country. The recognition or support of Bitcoin by many countries proves that the interest of governments and institutions in Bitcoin is growing. However, the main strength of Bitcoin is not that the government or institution recognizes or supports Bitcoin. Rather, Bitcoin is designed in such a way that the network can be operated without any central authority. Even so, people can safely transfer money among themselves without relying on any central institution.

[Zigabel]

3. Self-Custody

In the case of a bank account or a centralized platform, a third party has a role in the asset, but in the case of BTC, the one who controls the private key essentially also controls Bitcoin. That is, when you want to withdraw your money saved in the bank, if the bank does not give permission, you will never be able to withdraw that money, but if you have Bitcoin, you can complete the transaction by investing Bitcoin directly with the second party, where no third party permission is required.

This is another reason why Bitcoin is strong.
In the case of Bitcoin, only the private key has to be stored and the one with whom it is stored is the owner of that Bitcoin.

It is said - "Not your keys, not your coins."

The decentralized nature of Bitcoin is one aspect of Bitcoin that make it just stand out, it is an unbeatable feature that will continually give it the advantage over the traditional banking system at all times. This is one point source of strength for Bitcoin, because not allowing one persons or a system alone to have absolute control over something strengthen it in a way, because if there was a system or person in control, they would want to manipulate the system at any time they find continent, which will even weaken Bitcoin in a way because a lot of sentiments will come in due to the seat of control and for that reason, some persons and institutions will not want to delve in to Bitcoin at any point.

Having absolute control as an individual at all times over your asset is something most Bitcoin Holders and investors will not trade for anything at any time, it some sort of strength almost no asset tend to give them in the form Bitcoin does. Having Bitcoin is like having control and some really safety net for value of your asset that can be accessible at all times, provided you have the keys.

[tbct_mt2]

The decentralized nature of Bitcoin is one aspect of Bitcoin that make it just stand out, it is an unbeatable feature that will continually give it the advantage over the traditional banking system at all times. This is one point source of strength for Bitcoin, because not allowing one persons or a system alone to have absolute control over something strengthen it in a way

The decentralized nature of Bitcoin is from both technical design and its operation. Technically, Bitcoin was programmed as a Proof of Work blockchain, and there is no censorship from any single Bitcoin node or Bitcoin miner can prevent a transaction is valid and confirmed by other Bitcoin miners, then relayed by other Bitcoin nodes. You can run a Bitcoin node, have miners, try to filter and censor transactions but it's meaningless because the majority of Bitcoin community don't support you.

because if there was a system or person in control, they would want to manipulate the system at any time they find continent, which will even weaken Bitcoin in a way because a lot of sentiments will come in due to the seat of control and for that reason, some persons and institutions will not want to delve in to Bitcoin at any point.

MARA mining pool tried to do that but failed and that mining pool is a very good example for censorship failure as well as Bitcoin decentralization strength.

Transparency for Mining Pool Transaction Selection

[Bluedrem]

I think your answer is quite far from the actual question. Today, it's already been used as a means of transfer.

And the same goes with being valued as an important asset just as gold. But if it's about being used as a means of transfer, we're already doing it already.

I probably didn't explain the main point to you. The main point is that now when a country's government wants to print new fiat, the central bank stores an equivalent amount of gold (dollars in some countries) to reduce inflation.
In the same way, if paper currency ever completely disappears, Bitcoin can be stored as a hedge against the value of electronic currencies. I really wanted to explain this point.
And if someone takes Bitcoin only as an investment, it will still be ahead in terms of providing profits. That is why it is often said that Bitcoin is thousands of times better than gold.

[hd49728]

I probably didn't explain the main point to you. The main point is that now when a country's government wants to print new fiat, the central bank stores an equivalent amount of gold (dollars in some countries) to reduce inflation.

The gold standard ended decades ago since 1971 with Nixon's shock and now not all nations have enough gold in their national treasury reserves. They have only one thing in common, ability to print more fiat currency when they want. Having gold reserves before printing or buy more after money printing is very dependent on each nation, there is no global mandatory condition to buy an equivalent amount of gold before a central bank printing more money.

https://www.investopedia.com/ask/answers/09/gold-standard.asp

In the same way, if paper currency ever completely disappears, Bitcoin can be stored as a hedge against the value of electronic currencies.

Bitcoin is volatile and governments will not use bitcoin as a hedge against fiat currency values in either physical form (cash) or digital form (CBDCs).

[Findingnemo]

Bitcoin is decentralized and people build their trust over bitcoin since the genesis and now here we are, things may change or the trust continues to grow. And I can't define the word strong, whether strong as an investment or being resilent to the hacking/tampering or being not under the control of governments,etc.

[Alphakilo]

So many reasons have been mentioned already but my simplest reason for Bitcoin being so strong is derived from the actual properties of its architectural design. The price tag has little or no effect on why Bitcoin is so strong because even altcoins have good price tags on them and we have seen so many dump and crash as of date.

Bitcoin being so strong by design is the reason why it is evolving gradually to accommodate ETF and corporate treasuries and thus, more adoption on a grand scale, even though we fear this evolution might cause a change in protocol as by original design, I doubt self custody and the principle of decentralization would be nullified to accommodate this evolution.
So it remains as strong as it originally was until it accomplish its 21 million cap.

[lombok]

So many reasons have been mentioned already but my simplest reason for Bitcoin being so strong is derived from the actual properties of its architectural design. The price tag has little or no effect on why Bitcoin is so strong because even altcoins have good price tags on them and we have seen so many dump and crash as of date.

Bitcoin being so strong by design is the reason why it is evolving gradually to accommodate ETF and corporate treasuries and thus, more adoption on a grand scale, even though we fear this evolution might cause a change in protocol as by original design, I doubt self custody and the principle of decentralization would be nullified to accommodate this evolution.
So it remains as strong as it originally was until it accomplish its 21 million cap.

Decentralized architecture is one of the cornerstones of the Bitcoin resistance in response to market shocks of various kinds. There is no person who can control the network, and following the consensus is another aspect that makes sure that the system sustainability cannot be affected by political compromise of any kind.

The knowledge about the absolute number of coins that can exist in the system is the thing that safeguards its value from the risks connected with the possibility of the coin's arbitrary creation.

[Davidvictorson]

Bitcoin is strong because of you and I.

I couldn’t think of any better response than this. Period.
Beyond the technology and the principles, the people who have held Bitcoin, advocated for it and promoted it, directly or indirectly, are a big reason it is where it is today.

Take this forum as an example. We keep talking about Bitcoin day in and day out, whether the market is green or red, whether there's a new policy or not. That kind of constant sharing and engagement is part of what keeps Bitcoin strong.

That's my core belief. The technology will keep existing and improving, but without people around it, it would be worthless.

[Odogwu-Blockchain]

Bitcoin is strong because of you and I.

Take this forum as an example. We keep talking about Bitcoin day in and day out, whether the market is green or red, whether there's a new policy or not. That kind of constant sharing and engagement is part of what keeps Bitcoin strong.

The same thing the government will always say, good governance starts from your home. I believe this because majority keeps saying that demand and supply keeps it moving and the same meaning also goes for you and I usage too. If there is no battle between demand and supply, interchangeable price bidding and negotiation, then the strength of Bitcoin wouldn't have gone far.

[famososMuertos]

Sometimes these reasons can be highly individual; not necessarily the ones we typically think of or those that stand out as primary premises. While technical aspects are certainly key, one factor that makes it strong (and one I will always reiterate) is the trust (It is that intangible quality that many struggle to find) of the community.

:://:::

When discussing BTC, we often put one thing in front of us and that is how much will it cost?
$10K, $100K, $500K $1000 or more?
::/:::

I assume you're referring to the $1,000,000 mark; we never want to go back to four-digit Bitcoin. 

[Grease5000]

The paper bitcoin is something that’s laughable, it will never worked because it basically counter one of the purpose of bitcoin. One of the aim of bitcoin was to curb the issue of printing more money that usually causes inflation. Which the paper bitcoin will create room for that. Even though I’m thinking of the possible way the paper bitcoin can work without conflicting bitcoin protocols. Just the way bitcoin ATM works.

You are right I don't see bitcoin working in paper form, because just like you said it will totally contradict it intended purpose  of being a decentralized currency to a centralized currency.

And don't  forget that one of bitcoin's main advantages is it features  that allow people to own and transfer their money without depending on a central authority. If we  finally introduce paper bitcoin we may end up relying on a central  authority to verify and manage it, which defeats one of it purpose. For me, I  think bitcoin is better in its digital form, where we can verify transactions by ourselves.

[Antotena]

Above all, the widespread and decentralization of bitcoin is something remarkable and that's worth the recognition bitcoin gets. As the first digital currency, it should have the strongest network and global access compared to other cryptocurrency. Also, adding to the list that it has done so well since its creation till date, breaking new ATH and renewing the hope of many investors. Bitcoin is backed by some governments and widely used for international transactions, that's enough stronghold for it's sustenance.

Ownership and controls is the genesis as to why Bitcoin is too string till now. Have you not seen what people are going through the governments. When you speak against any government, they freeze your account because they know that without your bank and money, you have no power to fight them. The government can control any account with money from anywhere they are but with Bitcoin, you are a weapon fashion against them, you have the freedom to move money anywhere you want.

Bitcoin is the only asset that does not need to know who you are, how you are and your financial status. There are some accounts system that you as an individual will never get with the banks but with Bitcoin, you need two things, your address and seed phrase that controls everything on the Bitcoin address, this is why Bitcoin remains one of the most decentralized digital assets globally.

[hd49728]

Ownership and controls is the genesis as to why Bitcoin is too string till now. Have you not seen what people are going through the governments. When you speak against any government, they freeze your account because they know that without your bank and money, you have no power to fight them. The government can control any account with money from anywhere they are but with Bitcoin, you are a weapon fashion against them, you have the freedom to move money anywhere you want.

Bitcoin also gives people who are unbanked or under banked to have access to a blockchain that plays its role for money transfers, cross border, no freeze, no censorship and it's truly safer and better than bank system and bank transfers.

These things are important for making Bitcoin strength because we all don't want to lose our money by any reason especially something suddenly enforce by governments and banks. When people understand it, they will use Bitcoin blockchain and non custodial wallets for their bitcoin storage as well as full control of broadcasting their bitcoin transactions for better privacy with coin control, UTXO selection, change address use and Tor for connection.

[Faisal2202]

I probably didn't explain the main point to you. The main point is that now when a country's government wants to print new fiat, the central bank stores an equivalent amount of gold (dollars in some countries) to reduce inflation.
In the same way, if paper currency ever completely disappears, Bitcoin can be stored as a hedge against the value of electronic currencies. I really wanted to explain this point.
And if someone takes Bitcoin only as an investment, it will still be ahead in terms of providing profits. That is why it is often said that Bitcoin is thousands of times better than gold.

If the country is US, do you think they are storing an equivalent amount of gold too? No, they are not storing or buying any gold at all. They ended this policy in 1971. They now print money based on treasury debts. Anyway, this is a long discussion. If you want to learn it, search the Bretton Woods system or Nixon's law.

And speaking of countries that add reserves of US dollars, they are making a huge mistake, but US will do everything to make sure other countries keep buying those US dollars and can issue their currency more. They are creating a loop here with lots of loopholes that economists can understand, but as I am not one, I don't fully understand, so I can be wrong. But on the basis of info I have and what's happening in my country, I have to tell you, this is not the reality of what we are reading.

Anyway, BTC is far better than fiat in many ways, and it's not even a comparison I would stress over.

[uchegod-21]

I want to know your opinion:
What are the reasons behind Bitcoin being so strong?

There is a strong community around Bitcoin that is attracted by the multiple uses and benefits that Bitcoin at the moment offers now and will offer later; in my opinion, this accounts for the strength Bitcoin has because of the value and benefit that people have placed on it.

It will be difficult for Bitcoin to have any real value on its own without people like us, the community members who see value in its use for investment currently and later for transactions, majorly.

Bitcoin is strong because of you and I.

Yea, this is true. Bitcoin has really good features, and the technology behind it is brilliant. Its scarcity gives it value, the ability for each individual to control their bitcoins without any restrictions is nice, and the fact that no single entity controls the Bitcoin network is great. In fact, everything is well put together, and it is all nice. However, all of these are the reasons people are attracted to Bitcoin. But Bitcoin is still making waves because people believe in it, trust it with their money, and can spend years investing in it.

This strong community backing is the reason Bitcoin is still enjoying the first-mover advantage. If there were no community that passionately wanted to see Bitcoin improve, Bitcoin would struggle even with all its uniqueness. As more and more people keep recognising Bitcoin's value, it will strengthen even more.

[abel1337]

Most of the reason I think why bitcoin is strong had been shared but on my own opinion is quite a generic one, it's the demand of the market. There's only a fix supply of it and people want it. Investors wants to profit because many people think bitcoin is a good investment, this is why many investors see it as an asset and the tech behind it is just minor to them. As long there are money flowing, majority of the people will be interested in it, ^{we can see it during bull market and bear market season}.

On our current time, I personally believe not even half of the bitcoin owners population knows how blockchain technology even works. Many of those buyers I'm pertaining to is just investors who makes their bitcoin just sitting on their wallet or even on the exchange where they bought their bitcoins. Fundamentally it is bad but investors who keeps price going up makes help bitcoin on being an attractive asset where anyone can buy.

Bitcoin introduced us to a technology which we can call revolutionary but the price of it is what makes people stay, become curious and be able to learn how to use it.