Do you think Bitcoin is overvalued?

[deucher]

Bitcoin is really the most popular cryptocurrency and when everyone starts talking about this topic, they first talk about Bitcoin. But in my opinion, the price and value of bitcoin is overestimated, for example ether has the same properties as bitcoin but does not have as much attention. In my opinion, bitcoin is popular only because it is the first cryptocurrency. And what is your opinion?

 

[Riberet19]

This is relative, what do you mean by overvalued, in price or in popularity,? If it is in price, it should be noted that the market capitalization of Bitcoin is not much higher than that of Ethereum, but its price derives from its scarcity, since Bitcoin only has 21 million coins and ethereum more than 200 million coins, so if we do the calculation the prices are exact, on the other hand if we talk about popularity it is normal that Bitcoin has more attention, it is a cryptocurrency that revolutionized everything and the crypto movement started, it has never been hacked and it is much more decentralized than Ethereum.

In fact Ethereum was hacked before and the old Ethereum became Ethereum classic, making a fork with which many lost a lot of money after the hack and many people were not okay with this resolution, that hurt the reputation of Ethereum and the perspective of Ethereum and its supposed decentralization.

 

[Nomad]

The value of bitcoin is not given by any individual or a company. The value is determined by the market. The value of bitcoin is what the market believes in. It is a decentralized money so no one can give it any value. Therefore, bitcoin is not over priced digital money.

 

[Ja Sa Bong]

The market law of demand and supply is what gives Bitcoin the value we see it at today. There are some other factors which impact and influence on the price of Bitcoin but it's mainly its demand and supply reaction in the market that gives the cryptocurrency it's worth.

 

[Heatman]

Bitcoin is really the most popular cryptocurrency and when everyone starts talking about this topic, they first talk about Bitcoin. But in my opinion, the price and value of bitcoin is overestimated, for example ether has the same properties as bitcoin but does not have as much attention. In my opinion, bitcoin is popular only because it is the first cryptocurrency. And what is your opinion?

Bitcoin is just 7 years older than Ethereum but look at the price gap that's between both of the coin. Yes, Bitcoin is older but Ethereum have been around for a long time that it's supposed to have reached at least $10,000 by now since Bitcoin made it's way up to $67k+ but that never happened. It's never about the age of the coin that gave it it's worth.