Why can’t I update the firmware?
Because the old v1 Hub does not have a firmware.
So I have to buy a new one?
When you want to be able to update a firmware (for whatever reason) then yes, you would need the v2 Hub.
So if I stay with the v1 with that effect the performance of the wheel?
No. Why it should?
Because you can’t update the firmware on it so I figured something would have to give if the fanalab and stuff isn’t recognizing your wheel and stuff
Fanalab can not detect wheels attached to any Hub, it can only detect the Hub itself and an attached button Module but not the rim or 3rd Party wheel you attach to it.
It obviously does not have such Advanced electronics like the new v2 Hubs have and it's not upgradeable to the future QR2 but functionality wise it will work.
It just does not have it's own firmware but a Hub really doesn't need it's own firmware... The v2 Hub for example is still on firmware v1 and never got any new firmware since it was released....