What makes Bitcoin new from Other coins

[d5000]

I'm surprised that censorship resistance hasn't been mentioned.

All e-currencies created before Bitcoin were not censorship resistant, as they relied on a central operator, and this operator could either censor transactions himself or be forced to do so by a government for example.

Altcoins are less censorship resistant than Bitcoin. PoW altcoins (with the exception of the biggest ones LTC-Doge and XMR perhaps) can be relatively easily 51% attacked, and an 51% attack can censor transactions.

PoS currencies are, at least in theory, vulnerable to social engineering attacks, although they're so complex that it's currently only a theoretic issue, but it exists. In practice, it's however worse, as often many validator nodes are operated by a single entity, and thus we have the same problem than with the 1990s/2000s early e-currencies. Also they are vulnerable if the founders own a large amount of coins and can threaten to censor transactions themselves via a hard fork, as it occurred with Ethereum in 2016/17 after the TheDAO hack. The censored transactions were clearly malicious but they were following the intended protocol, so it's different than the issue in 2010 in Bitcoin.

[Smartprofit]

With the attention given to Bitcoin lately much people are gradually buying into the idea of Bitcoin as it has really changed the narrative and This made me think and ask what is really different about Bitcoin that makes it different from other alternate coin?
Let have your view concerning what makes Bitcoin stand out from others?

Bitcoin is the first cryptocurrency by time of creation. All other cryptocurrencies are either direct forks of Bitcoin or some modified concepts inspired by Bitcoin.

It is similar to the rule of writing detective novels - the hero of a detective novel can be anyone (any gender, age, appearance, body type, etc.), but he should not be like Sherlock Holmes. Because Sherlock Holmes is the original, and all the others are copies.

Bitcoin is the cryptocurrency with the largest capitalization. Bitcoin uses the proof-of-work (PoW) consensus algorithm. Most other cryptocurrencies have a different consensus algorithm.

Bitcoin has no founder, as he disappeared in 2010. Thus, a strong brand, universal fame, decentralization, large capitalization and price, all this makes Bitcoin different from other alternative cryptocurrencies.

[red4slash]

It is the uniqueness of bitcoin especially when they implement anonymity and decentralisation (other than value) that makes bitcoin to date one of the pluses that makes them even more popular.
We know that until now they are the best and it will continue to be like that although there may be some altcoins that try to adopt this style but in the end everything will look the same where there is a benchmark that bitcoin is the first to succeed and will remain king so that in the end many people will decide to be here compared to other coins in altcoins.

This is quite reasonable because in the end when they are considered kings and are the only ones without any comparison then logically we will definitely look for them first before other coins and this is one of the reasons that makes bitcoin remain the first choice because although there are some similarities with some alt but of course there are differentiating aspects that actually become benchmarks and the value of supporting the gap becomes greater.

[Cryptomultiplier]

I would like to think that the name Bitcoin alone stands for value, originality and excellence and in this day when much wealth comes from value and being true, no wonder why it is the most widely adopted, top performing and most used coin.

There's absolutely nothing new about Bitcoin, but just that when new investors take their bite of the profits from applying great trading strategies or from a long term investment plan, then it becomes the newest and the latest trend.

Other coins that stand true to their vision and modus operandi, still do well, but they may have to proof their worth before they may become as dominant but not more dominant than Bitcoin.

[bitzizzix]

What makes Bitcoin different in my opinion is that Bitcoin is known as the oldest and first cryptocurrency and besides that it is the most widely adopted among other cryptocurrencies and the most successful, Bitcoin is also the most secure payment instrument with decentralized validation so that its level of security is very guaranteed and this is what makes Bitcoin perfect, and its volatile nature makes Bitcoin a promising investment and can also store value.

Apart from Bitcoin, other cryptocurrencies will not be able to replace or imitate Bitcoin and they are just imitations of Bitcoin that will never be perfect like Bitcoin, and everything said here is the truth that Bitcoin has.

[Mia Chloe]

Bitcoin stand out because it is decentralized. It is also what people are going for, making it to have a dominance of almost 60%. The only coin that have over a trillion dollar market cap. The coin that people around the world prefer to adopt. Having no known creator which makes it to look natural unlike the altcoins that has known creators.

You have a nice point. There are actually many reasons why bitcoin stands out in the crypto space. And one of them is that it's the first network that was successfully a decentralised network. Bitcoin has the highest adoption rate of any coin in the crypto space and as a result it has one of the broadest network.

The fact is that majority of crypto currencies that are actually in the market today are out  mainly as a profit making scheme. If you check you will notice that the bitcoin network is one network with the highest number of core supporters and not just people out there to make profit and probably dump it like Most pump and dump coins and meme coins too.

[Faisal2202]

Bitcoin stand out because it is decentralized. It is also what people are going for, making it to have a dominance of almost 60%. The only coin that have over a trillion dollar market cap. The coin that people around the world prefer to adopt. Having no known creator which makes it to look natural unlike the altcoins that has known creators.

In the start, BTC had 100% dominance, and with time more alt will come into being and will cover some part of the market cap so will decrease the dominance of BTC too. if we talk about some X coin being released with a $1 million market cap it maybe possible all that money flows from an alt not from BTC, so its dominance will remain the same, but successful ones will surely reduce BTC's dominance. But I have to say dominance, market cap, which is more than 1.8 trillion plays a good role in identifying why BTC is the king.

IMO BTC is unique from other alts is, it' the oldest too, it's ETFs been approved now even, president of the most power country is adoring BTC, it have no creator and centralized system so can't rug pull.

[Cryptohygenic]

what is really different about Bitcoin that makes it different from other alternate coin?
Let have your view concerning what makes Bitcoin stand out from others?

Bitcoin shares no potentials with no other coins instead the Altcoins imitates from bitcoin.
So specially, what makes bitcoin standout from other crypto coins is it valuability that is focused its volume of adoptors which maximizing it utilizations as valuable of currency potentially for payments and also it range of potential assets.
Also it is less volatile when compared to the Altcoins which are vulnerable to perform less volume of valuability unlike bitcoin.

[legiteum]

Today, non-Bitcoin digital currencies offer every single feature that consumers actually care about that Bitcoin offers.

And then, in addition, some non-Bitcoin currencies go where Bitcoin will never go, which is common daily transactions (hyper-scale, hyper-low transaction cost).

I predict the overall digital currency market to be $10T in five years.

I predict Bitcoin will be only 20% of that market--or even less. Since they will never "improve" Bitcoin, it will never track what the market actually wants--with predictable results.

[BALIK]

You have a nice point. There are actually many reasons why bitcoin stands out in the crypto space. And one of them is that it's the first network that was successfully a decentralised network. Bitcoin has the highest adoption rate of any coin in the crypto space and as a result it has one of the broadest network.

I think what makes bitcoin different from other coins in the industry is its decentralized nature because other altcoins can copy every feature of bitcoin and even outperform bitcoin. For example, in terms of transaction speed and fees, bitcoin cannot compete with altcoins but no altcoin can replicate the decentralized nature of bitcoin.

The fact is that majority of crypto currencies that are actually in the market today are out  mainly as a profit making scheme. If you check you will notice that the bitcoin network is one network with the highest number of core supporters and not just people out there to make profit and probably dump it like Most pump and dump coins and meme coins too.

Bitcoin was not originally created as an investment but there is no denying that it is also being used as a speculative asset these days. Bitcoin also gets pumped and dumped but less than altcoins and memes.

[BlackBoss_]

I'm surprised that censorship resistance hasn't been mentioned.

All e-currencies created before Bitcoin were not censorship resistant, as they relied on a central operator, and this operator could either censor transactions himself or be forced to do so by a government for example.

Bitcoin blockchain is resistant to censorship. There were attemtps to censor Bitcoin tranactions but these attempts failed to scale up.

OFAC-Sanctioned Transactions Being Censored.
Six OFAC-sanctioned transactions missing.

Bitcoin network is decentralized and it's really hard to attack it successfully.
How many Bitcoin confirmations is enough?
https://jlopp.github.io/bitcoin-confirmation-risk-calculator/

[legiteum]

I'm surprised that censorship resistance hasn't been mentioned.

All e-currencies created before Bitcoin were not censorship resistant, as they relied on a central operator, and this operator could either censor transactions himself or be forced to do so by a government for example.

Bitcoin blockchain is resistant to censorship. There were attemtps to censor Bitcoin tranactions but these attempts failed to scale up.

Virtually nobody cares about "censorship resistance", and I suspect that if you explained this to most Bitcoin investors today, they would just assume that means you want to use Bitcoin to launder your stolen money or evade taxes. Almost nobody cares about that: hardly anybody has a need to evade their own government, and 99.9% of people wouldn't even want to try since they would be afraid of getting in trouble.

And even as a means of evading government detection, Bitcoin is a total fail since it's a public ledger. Serious criminals don't choose Bitcoin these days, they choose Monero or others like it.

Almost all holders of Bitcoin today do so through a mechanism that is centralized and has KYC. If this is what you are calling Bitcoin's key advantage, it's a really, really weak one.

[Cryptohygenic]

With the attention given to Bitcoin lately much people are gradually buying into the idea of Bitcoin as it has really changed the narrative and This made me think and ask what is really different about Bitcoin that makes it different from other alternate coin?
Let have your view concerning what makes Bitcoin stand out from others?

New? Nothing... Bitcoin wasn't exactly the first try at digital cash, but it was the first one i consider to be successful. Because it was the first successful one, it has the most miners, the most users and the highest market cap.
It's because of the POW algo and the vast amount of miners that bitcoin is secure, because of the widest adaptation the market cap is the  highest.

But different from altcoins? Nothing, i guess? Even the first altcoin (litecoin) is just a slightly changed clone of bitcoin. It has a shorter average time between blocks, and they created a different POW algo, but the rest is *allmost* a carbon copy.
There are tons of other altcoins out there that are *allmost* carbon copy's aswell, so i guess there is nothing really different between bitcoin and these alts, except the sheer amount of miners and users.

You hit it all but addition, the limited supplies of Bitcoin and its PoW in the scalability of it as most dominance digital currency has muchly made Bitcoin a good form for store of values giving adoptors lesser risk on holding and potentially volatile digital currency.

Altcoins thereby with its own recognizance on high contrasts of PoS giving enhancement to its blockchain which performs effective technical services within its scalability though highily risky to determine its worth values due to highily volatile.

And while some Altcoins may be centered unifying on the baseline of other coins blockchains which course of its decentralized potential as self moderated values it should be, it is likely to be contradicted while Bitcoin is tendered on its own blockchain strictly reliable potential to its decentralizations.

[Alpha Marine]

There's nothing new. Nothing has changed about Bitcon. Bitcoin has always been miles ahead of every other alcoins. in fact, it has always been heads and shoulders above all altcoins put together.  The price of bitcoin is going up simply because the demand is increasing and its increasing because investors speciulate that bitcoin price will go up soon because of the reduced supply while some believe Trump will make favourable policies that will benefit bitcoin community and that will make the price go up.

If you want to talk about what makes bitcoin differnt from altcoin, then you have to look at how decentralised bitcoinis, the fact that nobody owns it, its limited supply which curbs infaltions, a stong community that trusts and will always trust bitcoin, amount of miners.
People will trust a coin less if they can point to the person or company that created that coin even if it is completely decentralised.

[legiteum]

There's nothing new. Nothing has changed about Bitcon.

And that will be its downfall. The entire market is evolving and Bitcoin is not.

[john_egbert]

There's nothing new. Nothing has changed about Bitcon.

And that will be its downfall. The entire market is evolving and Bitcoin is not.

When at least one coin would come as close as BTC for being trusted by ordinary people and bigger institutions alike, and would surpass it in most metrics and decentralization - we would talk about that hypothetical downfall

[FortuneFollower]

Bitcoin stand out because it is decentralized. It is also what people are going for, making it to have a dominance of almost 60%. The only coin that have over a trillion dollar market cap. The coin that people around the world prefer to adopt. Having no known creator which makes it to look natural unlike the altcoins that has known creators.

You have a nice point. There are actually many reasons why bitcoin stands out in the crypto space. And one of them is that it's the first network that was successfully a decentralised network. Bitcoin has the highest adoption rate of any coin in the crypto space and as a result it has one of the broadest network.

The fact is that majority of crypto currencies that are actually in the market today are out  mainly as a profit making scheme. If you check you will notice that the bitcoin network is one network with the highest number of core supporters and not just people out there to make profit and probably dump it like Most pump and dump coins and meme coins too.

Using crypto as an investment is okay.
Now wanting to know for what BTC and many coins are created for in the first place - is not.
That's how I see it.

[legiteum]

When at least one coin would come as close as BTC for being trusted by ordinary people and bigger institutions alike, and would surpass it in most metrics and decentralization - we would talk about that hypothetical downfall

Consumers don't care about decentralization.

Bitcoin is currently the most valuable digital currency because it was the first one. It's the same reason Netscape's browser has the biggest market share (oh wait).

[john_egbert]

When at least one coin would come as close as BTC for being trusted by ordinary people and bigger institutions alike, and would surpass it in most metrics and decentralization - we would talk about that hypothetical downfall

Consumers don't care about decentralization.

Bitcoin is currently the most valuable digital currency because it was the first one. It's the same reason Netscape's browser has the biggest market share (oh wait).

I don't see it happening.
When decades pass and you are proven right, I will return to this post and be grateful for your perspective.
But for now, I don't see it happening. Because coins nowadays are not created with what BTC was created in mind.

[Smack That Ace]

When at least one coin would come as close as BTC for being trusted by ordinary people and bigger institutions alike, and would surpass it in most metrics and decentralization - we would talk about that hypothetical downfall

Consumers don't care about decentralization.

Bitcoin is currently the most valuable digital currency because it was the first one. It's the same reason Netscape's browser has the biggest market share (oh wait).

That's right, most investors in recent years are only interested in the profits that bitcoin can bring them, not many people care about its decentralization anymore. We can see this more clearly with the large amount of money pouring into bitcoin these days but mainly through ETFs. But there is no denying that before bitcoin became popular and recognized by governments, what made bitcoin great was its decentralized nature. If bitcoin were not decentralized, the demand for it would not exist and it would not have achieved the recognition and status it has today.

It can be said that the decentralization of bitcoin is not the focus of investors today, but it is the factor that helps bitcoin achieve the position it has today.