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.

[Fiasem20]

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.

That’s the reason why government hate bitcoin transactions within their country,because they have this thought that bitcoin would replace their traditional currency.That’s why years back in my country the traditional banking system blocked the account of their customers that were involved in the bitcoin ecosystem and the government also banned bitcoin transactions in my country but later they lifted the ban and since then we haven’t faced a strict opposition from the government towards bitcoin enthusiasts.All I’m trying to say is that we shouldn’t expect an opposition from the government towards bitcoin because it might reduce the adoption rate but funnily enough when the government was fighting bitcoin in my country,my country was still among the top 10 countries that promoted bitcoin transactions,so their threat may or may not pose a significant decrease in it’s adoption rate.

[samadam007]

That’s the reason why government hate bitcoin transactions within their country,because they have this thought that bitcoin would replace their traditional currency.That’s why years back in my country the traditional banking system blocked the account of their customers that were involved in the bitcoin ecosystem and the government also banned bitcoin transactions in my country but later they lifted the ban and since then we haven’t faced a strict opposition from the government towards bitcoin enthusiasts.All I’m trying to say is that we shouldn’t expect an opposition from the government towards bitcoin because it might reduce the adoption rate but funnily enough when the government was fighting bitcoin in my country,my country was still among the top 10 countries that promoted bitcoin transactions,so their threat may or may not pose a significant decrease in it’s adoption rate.

We humans fear what we don’t understand naturally. Since Bitcoin is decentralized and governments know they can’t control or shut down its network, the highest they can do is create regulations around it usage in their country. But that won’t still stop citizens from buying or selling it. That is how powerful bitcoin is.

Some governments claim to ban it because it is used for illegal activities in their countries, like money laundering, tax evasion etc. Even their banks and local currency is used for the same illegal activity too but they didn’t take that same action. But in reality we know their real fear.

[pawanjain]

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.

You're absolutely correct. All the governments want to create a dependency for their citizens in some way so that they can indirectly control the economy of their country.
They know that if their people starts using bitcoin then they won't be able to control their economy and hence try to bring policies that make using bitcoin difficult.
But as bitcoin is growing stronger every year, people are already finding ways to use bitcoin as they like.

[kingstep]

thinking about why Bitcoin will be long-lasting and strong. In that case, two things come to mind:
1. Bitcoin will strengthen due to price increases.
2. Bitcoin will strengthen due to Bitcoin's structure.

Bitcoin structure is completely fixed while it price increase or decrease which is termed as volatility is a mere function of demand and supply. volatility is not just peculiar to bitcoin but it is also predominant in literally all the sectors of the economy and also finds application in other asset class.

When people see themselves as a part of a system, it is easy for them to stand by that system and that is the key strength of bitcoin. the people can relate with it as a decentralized finance that  gives them power to own their funds. with that understanding and relationship, even when other things does not align well at some point, the fact that bitcoin still solves a lot of financial problem for the people still encourages holders to remain invested in it. Once anything that is closest to bitcoin takes that bond away, the weakness of bitcoin will suddenly show.

[AmaGold70]

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.

Bitcoin was actually introduced for people to make use of it, and if anyone is not using it Bitcoin in any way, no value will actually be attached to it. However, Bitcoin have attracted the interest of investors, and users all over the globe. Bitcoin was created to be very scarce with time by giving it a limited supply, and making it decentralized, these qualities of Bitcoin made it to have massive growth, and winning the mind of investors. Initially, not very many people invested in Bitcoin, but because of the impressive growth people began to invest in it giving for strength, and potential for growth. Because of the level of interest that Bitcoin has gained, it is now considered as a store of value, gaining more adoption, and some countries considering it as a legal tender.
Presently, Bitcoin remains one of the best digital assets when it comes to profit making on the long run, and so far the interest in Bitcoin keep increasing, Bitcoin will continue gaining more strength.

[DiMarxist]

You pointed out so many points as Bitcoin strength but one reason why people has come to love Bitcoin and so is trusting on it, which is the reason why Bitcoin to me has become so successful is simple Bitcoin has become so trustworthy. What I mean is that, Bitcoin promise about self custody which is the reason why it's a decentralised system. And this decentralisation is one factor that slot of persons has come to trust because, with Bitcoin you don't need to worry about government or even other financial institutions trying to monitor you or even the amount of money that you are sending. Which is what is uptanable in Fiat syste

Trust in this technology is the greatest strength if you ask me today. What we should know as Bitcoin enthusiastic is that Bitcoin was not designed to take over the world financial system or even try to competing with it. Bitcoin was designed to solving a unique problem that existed in the world financial system. And it has worked very well hence the trust that has come from he people.

[ZAINmalik75]

You're absolutely correct. All the governments want to create a dependency for their citizens in some way so that they can indirectly control the economy of their country.
They know that if their people starts using bitcoin then they won't be able to control their economy and hence try to bring policies that make using bitcoin difficult.
But as bitcoin is growing stronger every year, people are already finding ways to use bitcoin as they like.

Regarding that, there is one thing we all need to understand and accept, that no matter how strong Bitcoin becomes, and how people find ways to use it in their daily lives, Bitcoin is never going to replace fiat and become the only currency that can be used in an economy because as you said, governments will not let that happen since they would never want to lose control over people's financial activities and financial holdings, and most people won't even use Bitcoin in a decentralized manner to make that possible for themselves.

Fiat currencies will always be there, and Bitcoin can only go side by side with them, because that's what governments want, and that is how they are going to keep it. Regardless, since Bitcoin's know they can't ban Bitcoin now because of how widespread it is, people need to use it wherever they can to make things easier for them, such as keeping most of their funds in it, or using it for cross-border payments which will take minutes compared to normal banking channels that can take days or even weeks sometimes.

[kazilunex]

[/quote]
Bitcoin structure is completely fixed while it price increase or decrease which is termed as volatility is a mere function of demand and supply. volatility is not just peculiar to bitcoin but it is also predominant in literally all the sectors of the economy and also finds application in other asset class.

When people see themselves as a part of a system, it is easy for them to stand by that system and that is the key strength of bitcoin. the people can relate with it as a decentralized finance that  gives them power to own their funds. with that understanding and relationship, even when other things does not align well at some point, the fact that bitcoin still solves a lot of financial problem for the people still encourages holders to remain invested in it. Once anything that is closest to bitcoin takes that bond away, the weakness of bitcoin will suddenly show.

[/quote]
I think one big reason people believe Bitcoin is that no single person or company controls it. the price can go up or down, but the rules of the network dont just change because someone wants them to. of course that doesnt mean the price will always increase. for me, the real question whether people will continue to find value in using and holding it over the years.

[MainIbem]

You pointed out so many points as Bitcoin strength but one reason why people has come to love Bitcoin and so is trusting on it, which is the reason why Bitcoin to me has become so successful is simple Bitcoin has become so trustworthy. What I mean is that, Bitcoin promise about self custody which is the reason why it's a decentralised system. And this decentralisation is one factor that slot of persons has come to trust because, with Bitcoin you don't need to worry about government or even other financial institutions trying to monitor you or even the amount of money that you are sending. Which is what is uptanable in Fiat syste

Trust in this technology is the greatest strength if you ask me today. What we should know as Bitcoin enthusiastic is that Bitcoin was not designed to take over the world financial system or even try to competing with it. Bitcoin was designed to solving a unique problem that existed in the world financial system. And it has worked very well hence the trust that has come from he people.

All you've u said is a fact but decentralization is one important thing that's made Bitcoin too strong and tough to overlook, even the government find it tough to fully control nor Satoshi. Another thing is the 21 million supply, it's a fixed supply and more can't be printed so when the demand is high and the supply remains fixed 21m it tends to get more valueable aa it becomes scarce. Yeah you're also right, the conviction people have for it can't be overlooked cause they tend to hold it longer based on trust and believe that it would remain valuable in future.

[GeorgeJohn]

1. Bitcoin will strengthen due to price increases.
2. Bitcoin will strengthen due to Bitcoin's structure.

The price of Bitcoin been increasing can't be the strength of Bitcoin, neither the structure of bitcoin...You can proudly say that, the strength of Bitcoin is due to it's a decentralized network, government and any other sector doesn't have power over bitcoin...

Bitcoin is digital asset which deals with its own privacy..it works without a central authority, so it' independent of itself, so all this things you mentioned, especially the two points i quoted, are not the things that makes Bitcoin to have it's strength...

[danieldavidd]

The reason behind bitcoin being strong for long time is that bitcoin it's a decentralized asset, that gave you the freedom of transaction of cryptocurrency without you using a traditional bank and when it comes  to safety is one of the safest place to invest on.

[Rengga Jati]

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

Bitcoin has been a global currency but it isn't a legal currency in each country. People around the world can send the Bitcoin to anyone. This means Bitcoin is actually a global currency already. Unfortunately, because of there are too many limitation of its use as a currency, people around the world prefer to keep Bitcoin as an asset.

The governments and banks are the ones controlling the global financial system and they won't let bitcoin take over.

Indeed, government and banks control the financial system. Sure, they mustn't let Bitcoin to replace it because they can't control Bitcoin. They no longer get some advantages in controlling the financial system if Bitcoin takes over the fiat system.

They cannot control bitcoin directly and so they always keep trying to derail bitcoin from being a global currency.

Some governments already allowed Bitcoin as a legal currency. They didn't really derail Bitcoin to function as a currency. I think Bitcoin can be a global currency without replacing the fiats. Why don't Bitcoin and fiat be global currency together? This sounds more reasonable.