What are the reasons behind Bitcoin being so strong?

[pawanjain]

Bitcoin is strong because there are a lot of people supporting bitcoin because they believe in it.
Current fiat based financial system is has a lot of flaws and is designed to benefit the governments but bitcoin on the other hand is designed for the people.
They know they cannot stop bitcoin and so the institutions have decided to hold as much bitcoin as they can so that they can control the market share of bitcoin,
That's the only way they can control and try to manipulate the price of bitcoin, hence having an edge over the market.

[cocadalcan]

Bitcoin is strong because there are a lot of people supporting bitcoin because they believe in it.
Current fiat based financial system is has a lot of flaws and is designed to benefit the governments but bitcoin on the other hand is designed for the people.
They know they cannot stop bitcoin and so the institutions have decided to hold as much bitcoin as they can so that they can control the market share of bitcoin,
That's the only way they can control and try to manipulate the price of bitcoin, hence having an edge over the market.

You are right that there are many flaws in the fiat-based financial system. The government creates inflation by printing fiat to meet state expenses. As a result, the people's purchasing power is reduced and the value of fiat decreases. Citizens are supporting and holding Bitcoin to escape this flawed financial system.

Bitcoin is strong and capable of storing more energy due to its limited supply system and Bitcoin holders are increasing every day in an attempt to build an independent financial system outside the fiat-based financial system.

Since the government cannot control the Bitcoin market, it imposes a single decision on the people and is trying to discourage them widely, but it is having more opposite results because people are accumulating Bitcoin as building future wealth (store of value) instead of saving money in banks.

[ArabBTC]

One major reason why bitcoin has remained strong is because of bitcoin’s ability to give investors financial freedom, bitcoin guarantees financial autonomy, privacy and security. Bitcoin investors have autonomy, they can transact anytime they feel like without any interference, bitcoin transactions are private too and secured, an individual can have huge bitcoin deposits without people around knowing but if same individual should have same equivalent in commercial banks it will be easily traced, this are some edge that bitcoin has over other assets, that is why most investors prefer to invest in bitcoin and that is why over time it has remained strong over time.

Bitcoin supply is also scare, and statistically the lesser the supply is the more the demand, the developers of bitcoin did a great job, that is why bitcoin keeps on gaining relevance and widespread adoption.

[Obim34]

~snip

Bitcoin is being so strong because it has you and me, Bitcoin has millions of enthusiasts who are keeping the network running.

Bitcoin, with its properties, cannot function if there is no adoption. Considering all, demand and supply, price, decentralized nature, all the unique properties of Bitcoin, but without real people behind it, investors, traders, developers, and miners contributing to the network, Bitcoin won't function.

[Jubilee58]

If you want to explain how important fixed supply is in the case of Bitcoin, then of course you have to focus on the unlimited supply of paper money. Especially if the government ever comes under economic pressure, then they try to solve that economic problem by increasing the unlimited supply, as a result of which inflation is widely seen in the country. But in the case of Bitcoin, you cannot do anything like that because it is electric money, so this electric currency, you cannot increase the supply in any way because there is no option to increase the supply. Due to which, Bitcoin is free from the terrible effects of inflation for now. Therefore, fixed supply carries an important feature in the case of Bitcoin, only because it is not affected by inflation, it is completely unique from other currencies.

The limited supply of Bitcoin at 21 million total supply is one thing that drives the value of Bitcoin, unlike the fiat currency that can can be over printed which in turn causes inflation. Presently the demand for Bitcoin is very much high among investors couple with increasing adoption. Today, Bitcoin is gaining wide spread adoption, in the past there were very few persons that believed in Bitcoin, but today many countries are now investing in Bitcoin, and more institutions are also involved , and very strong confidence is also built on Bitcoin. The fact that many investors both present, and past has made fortune investing in Bitcoin is also a motivating factor to many investors, and Bitcoin is still well positioned in the digital market to make more millionaires.

[AYOBA]

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.

The popularity of Bitcoin has make it growing steadily since without having negative impact. And this popularity is what make difference of people have interest to invest in Bitcoin, even those have already but for long time still want to buy more for the future market. One thing that make me have so much interest is because of the network.

Bitcoin network is very strong as you said earlier that is how the bitcoin goes and at the same time be a worldwide network, and I don’t think anyone have made a complain about the Bitcoin transaction before, those that we see complain about the Bitcoin network are mostly beginners. Because most of the beginners don’t seek for little knowledge before going further into the Bitcoin field.

[Youngrebel]

The popularity of Bitcoin has make it growing steadily since without having negative impact. And this popularity is what make difference of people have interest to invest in Bitcoin, even those have already but for long time still want to buy more for the future market. One thing that make me have so much interest is because of the network.

Bitcoin network is very strong as you said earlier that is how the bitcoin goes and at the same time be a worldwide network, and I don’t think anyone have made a complain about the Bitcoin transaction before, those that we see complain about the Bitcoin network are mostly beginners. Because most of the beginners don’t seek for little knowledge before going further into the Bitcoin field.

Yes and i agree with you that Bitcoin network is one of its biggest strengths, and most especially because it enables the users send and receive value across borders without depending on any local banks, i don’t this saying that nobody has complained about Bitcoin transactions is right if your haven’t experienced it i believe they are people who has experienced network failure and can relate to that and some can testify that they have experience high transaction fees during network congestion, and have seen beginner who struggle with wallet setup and transaction confirmation and this are issues happening in reality just that understanding how the network works can help people avoid mistakes.

[Jostle]

I would imagine another reason is the "network effect" -- the more miners are on board, the more people use it, the more merchants adopt it, the stronger it will be.

Limited supply alone cannot sustain/propel Bitcoin (because there are many altcoins with limited supply and some are even contractionary, but those don't even stop the altcoins from dumping to 0).

[pawanjain]

Bitcoin is strong because there are a lot of people supporting bitcoin because they believe in it.
Current fiat based financial system is has a lot of flaws and is designed to benefit the governments but bitcoin on the other hand is designed for the people.
They know they cannot stop bitcoin and so the institutions have decided to hold as much bitcoin as they can so that they can control the market share of bitcoin,
That's the only way they can control and try to manipulate the price of bitcoin, hence having an edge over the market.

You are right that there are many flaws in the fiat-based financial system. The government creates inflation by printing fiat to meet state expenses. As a result, the people's purchasing power is reduced and the value of fiat decreases. Citizens are supporting and holding Bitcoin to escape this flawed financial system.

Bitcoin is strong and capable of storing more energy due to its limited supply system and Bitcoin holders are increasing every day in an attempt to build an independent financial system outside the fiat-based financial system.

Since the government cannot control the Bitcoin market, it imposes a single decision on the people and is trying to discourage them widely, but it is having more opposite results because people are accumulating Bitcoin as building future wealth (store of value) instead of saving money in banks.

Oh yeah, that's accurate. Few countries are demotivating their citizens towards cryptocurrencies by imposing high taxation on profits from crypto.
They might be thinking that they will be able to decrease the number of crypto users in the country but little do they know it's actually creating an underground market for crypto users.
Users are leaning more towards the P2P market to evade taxes on crypto but still trading bitcoin.
So I guess the government should in fact try to regulate the market and keep meaningful taxes that the users will afford paying rather than imposing irrelevant high taxes.

[Silikiem]

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

So many reasons to pick ranging from its decentralized form down to its growing institutional and mass adoption behind the strength of Bitcoin today. Bitcoin is moving across different global boundaries, people make transactions using bitcoin to anywhere around the world without needing to go through any banking or intermediary process for approval, bitcoin has a strong network security for over many decades making it difficult for hackers to get access through Bitcoin or for anyone to manipulate, shut it down or have total control of it.

[Aanuoluwatofunmi]

What makes Bitcoin stronger and keeps gaining more trust is the consistency it has across the network; we can trust its delivery capacity, and there is nothing about Bitcoin that should be neglected because it is well secured. If you have to compare it with any other digital network or currency, Bitcoin's reliance on blockchain technology is another added advantage for us because it is immutable and follows strict protocols.

[Soldroplet]

What makes Bitcoin stronger and keeps gaining more trust is the consistency it has across the network; we can trust its delivery capacity, and there is nothing about Bitcoin that should be neglected because it is well secured. If you have to compare it with any other digital network or currency, Bitcoin's reliance on blockchain technology is another added advantage for us because it is immutable and follows strict protocols.

I agree with what you said. However, I think that the reason why Bitcoin is so powerful is not only its limited supply or blockchain technology, but also its decentralized system. Because Bitcoin is not controlled by any one person, institution or government. For example, a bank can temporarily close your account if it wants, or it can also block a transaction. But in the case of Bitcoin, the situation is completely different. Here, nodes in different parts of the world themselves verify transactions according to the rules of the network. Therefore, a miner cannot create new Bitcoins at will or be able to validate incorrect transactions.

[Uhwuchukwu53]

In today market Bitcoin has be so  powerful as show some performance and perfection that every good market do shown that makes investor believe it's genuity. No market is completely perfect but their are reason many goes into any market one is the profit gain they will encounter despite if losses will occurs in the process, irrespective of the rise and fall of Bitcoin due to its volatile nature those who understands the process and the nature have not run into losses, it's dominance and strong nature it's not design and circulated to the system like others shitcoin altcoin and memecoin that float the market without value, investor cherish the value of what they invested and the profit Bitcoin proven over time of passed these test and that's the strongest edge it has, from the creation to date it's has always show it movement of change from one level to another even if it falls will still rise with time.

[1winbizpk]

Bitcoin's strength comes from its network effects and the trust built up over more than 15 years of uninterrupted operation. No hack, no downtime, no double-spend — that track record is something newer projects simply can't replicate. The combination of a transparent fixed-supply schedule and a globally distributed mining network makes it uniquely resistant to manipulation. Institutional adoption over the last few years has further reinforced confidence among a broader audience.

[Questat]

Bitcoin is the first successful decentralized cryptocurrency. Although it isn't the first alternative to centralized fiat, but all of those are only dependent on a central administrator.

Bitcoin has succeeded where others fail, and its all because of the decentralized impact created through bitcoin. That thought alone is a valid reason why bitcoin is being so strong, having it as a decentralized asset or investment that has existed in the market for over a decade is just an additional reason.

[mirakal]

Bitcoin is strong because there are a lot of people supporting bitcoin because they believe in it.
Current fiat based financial system is has a lot of flaws and is designed to benefit the governments but bitcoin on the other hand is designed for the people.
They know they cannot stop bitcoin and so the institutions have decided to hold as much bitcoin as they can so that they can control the market share of bitcoin,
That's the only way they can control and try to manipulate the price of bitcoin, hence having an edge over the market.

The fact that the government is against any decentralized feature, it could have kick out bitcoin and influence all the people to get rid of it. But bitcoin is really that strong, since it stayed on the market instead and even attract the people silently with its decentralized nature that could pave way for future financial freedom and stability.

Bitcoin is strong because it has overcome that phase, and it even becomes stronger because of the speculations that bitcoin could turn out a global currency once its global adoption will be achieved, though we all know that its still highly impossible if we look at its all angles.

[Bigjoe33]

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

So many reasons to pick ranging from its decentralized form down to its growing institutional and mass adoption behind the strength of Bitcoin today. Bitcoin is moving across different global boundaries, people make transactions using bitcoin to anywhere around the world without needing to go through any banking or intermediary process for approval, bitcoin has a strong network security for over many decades making it difficult for hackers to get access through Bitcoin or for anyone to manipulate, shut it down or have total control of it.

Surely right. People don't accept or adopt what they see no future in. Bitcoin has a brighter future and that's a great strength for it. Imagine so many altcoins and how people see them. They are not adopted and used as compared to Bitcoin, this is because the difference is clear. For the fact that Bitcoin provides that privacy for your holdings, people would always value it. And for this value, the mass adoption is on the increase and it's a major strength for it. I don't see Bitcoin dropping, I mean falling anytime soon, instead, i will gain more adoption and popularity.

[YOSHIE]

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

Maybe you have mentioned the reasons why Bitcoin is strong, but in my personal view, apart from what you have mentioned, another strength of Bitcoin in my assessment is as a hedge asset, where we can feel the current global economic situation, The geopolitical crisis and also high inflation, in fact, Bitcoin is one of the digital assets that does not shake and remains a target asset for investors to protect the value of their wealth. This situation is the reason why Bitcoin is strong against the wave of world economic uncertainty.

Another reason for its strength, Bitcoin has a portable and liquid nature, with the current conditions banks are triggering problems with sending fiat money, In fact, Bitcoin is the most powerful asset that can be sent anywhere without any restrictions. This is the power of geographical separation that no other asset has, except Bitcoin, which is the only one that has the power to do this.

[HelliumZ]

Try to understand the difference between Bitcoin and Fiat, then you will understand why Bitcoin is becoming so powerful and popular day by day. Bitcoin is basically created with a fixed supply where we cannot increase the supply if we want, rather the supply can decrease day by day. But Fiat is created in such a way that the government can increase the supply whenever it wants and if it faces any economic crisis, the government can deal with that crisis by increasing the supply. However, when the government increases the supply, Fiat will create inflation and the value of paper money will gradually decrease. But Bitcoin is a complete exception in this case where there is a fixed supply and there is no opportunity to increase the supply, so there is no chance of inflation here.

[MisFoxie]

Bitcoin investors have autonomy, they can transact anytime they feel like without any interference, bitcoin transactions are private too and secured, an individual can have huge bitcoin deposits without people around knowing but if same individual should have same equivalent in commercial banks it will be easily traced

The entire Bitcoin blockchain is open to everyone. If there is a link between your real-world identity and an address through an entity or exchange, it is very easy to track your entire balance and transaction history. You may be able to hold Bitcoin privately from your friends, family or neighbors but if officials investigate they can also easily find out your identity.

Now most people buy Bitcoin to make a profit but in my opinion one of the main reasons to buy Bitcoin should be its security and being truly the owner of our money.