What are the reasons behind Bitcoin being so strong?

[atookz]

But I think the most important thing about BTC is not in its price list, but in its property design.

Like the angle, but imo the question is which of your four reasons are really structural. Fixed supply and self-custody is inherent in that protocol. But, greater demand than supply? Institutional acceptance? These are all market conditions that can shift. The protocol won't be changed if one weakens tomorrow, but the price probably will. So to me it's more of a price driver, rather than a strength of the design, which sort of contradicts your own.

Furthermore, a point on fixed supply. As far as I am aware, the 21 million cap isn’t in the whitepaper, just in the consensus rules in the code. That's sort of interesting, because the cap only holds as long as node operators keep enforcing it. So the supply limit basically depends on decentralization, which ties in with the list of metrics you put at the end.

Which of those measurements do you think is the most important?

[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.

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.

You're right. Bitcoin really has the potential to become a global currency but just because some of the people it won't happen that way.
The governments and banks are the ones controlling the global financial system and they won't let bitcoin take over.
They cannot control bitcoin directly and so they always keep trying to derail bitcoin from being a global currency.

[tread93]

Bitcoin is so strong (popular) because it is the key to unlocking financial freedom dressed up as a get rich quick scheme.  It appeals to people who don't know what they're doing and want to watch the number goes up and it also appeals to people who have been financially oppressed, or want to keep others from being financially depressed.

Without the get rich quick scheme aspect, developers would haven't the power of the network to try and bring financial freedom to the oppressed.

Yes even though volatile it is also a safe haven when the keys are stored properly and the seed protected. As long as people know how to properly use it its a tool for financial freedom and I believe will always give more power to the people

[Stable090]

You're right. Bitcoin really has the potential to become a global currency but just because some of the people it won't happen that way.

We shouldn’t even expect bitcoin to become a global currency, Government won’t allow that to happen, we should just fight for bitcoin to serve as alternative currency to fiat currency. Government isn’t going to allow bitcoin to become global currency because it’s not going to favor them, they are not in control of bitcoin, and any currency that they are not going to control, they don’t want that to happen. What is going to happen to fiat currency? What is going to happen to banks? Government won’t be able to print money the way they want.

[fredericktaylor]

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.

Yes, there are several specific or logical reasons behind the strong and popular popularity of Bitcoin, Bitcoin is decentralized due to which no specific person can completely control Bitcoin and the supply of Bitcoin is limited. Over time, the demand for Bitcoin among the common people increases, due to which the supply is limited, it becomes more valuable. Under the control of the government of fiat currency, the government can print new ones whenever it wants for the needs of the country, due to which inflation is created in the country, the more fiat currency the government prints, the less value it has in fiat, resulting in inflation. Whereas Bitcoin is completely decentralized and limited to a supply of 21 million.

[Smartprofit]

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.

You're right. Bitcoin really has the potential to become a global currency but just because some of the people it won't happen that way.
The governments and banks are the ones controlling the global financial system and they won't let bitcoin take over.
They cannot control bitcoin directly and so they always keep trying to derail bitcoin from being a global currency.

If we assume that Bitcoin truly has the potential to become a global currency, then it certainly will. Eventually, sooner or later, governments and banks will lose their power and influence, and the modern financial system will collapse. At that point, Bitcoin will most likely become the global currency (assuming the internet still functions at that critical juncture).🙋

Such events have happened repeatedly in history. For example, we can recall the Bronze Age catastrophe. Bronze Age governments were also very powerful and also actively protected their contemporary financial, economic, and industrial systems. However, the catastrophe happened incredibly quickly, and they almost instantly lost the ability to prohibit or control anything.

If we see the collapse of the modern dollar-based financial system, the only two serious contenders for the role of global currency are gold and Bitcoin. China, incidentally, seems to be betting on gold right now. But Bitcoin also has a very strong position.💁

[SPIDERMAN008]

You're right. Bitcoin really has the potential to become a global currency but just because some of the people it won't happen that way.

We shouldn’t even expect bitcoin to become a global currency, Government won’t allow that to happen, we should just fight for bitcoin to serve as alternative currency to fiat currency. Government isn’t going to allow bitcoin to become global currency because it’s not going to favor them, they are not in control of bitcoin, and any currency that they are not going to control, they don’t want that to happen. What is going to happen to fiat currency? What is going to happen to banks? Government won’t be able to print money the way they want.

You are right, the government will never be in favor of accepting Bitcoin as a global currency. Because the government does not want controlling and domination to decrease where people can freely conduct their economic activities without needing anyone permission. But the government cannot ignore this popularity and acceptance of Bitcoin. A few years ago when the impact of Bitcoin was less, the government could have presented Bitcoin wrongly among the people by giving false statements or spreading negative news. But this is no longer possible. Only for this reason, some countries are trying to bring Bitcoin use into a policy, where at least some controlling can be created in the use of people or the government can generate income from it by tax issues. I do not think this is bad. And this is why at some point, Bitcoin and fiat currency may be prevalent in parallel. Where people will take the volatility of Bitcoin's price very naturally. And when a product is directly transacted with the price of Bitcoin, then people's acceptance will increase further.