Hello everyone, I made my first post
here and the words of advice were really touching(maybe it's because I am weak-hearted) and encouraging. Thank you all for making me feel at home.
Now back to my question. My thoughts were that alternative(Alt) coins were created by organizations or developers to serve as a digital currency for their product or service, or improve on the shortcomings of their parent coin. I believed an alt coin with a real purpose was here to stay like Bitcoin.
But reading certain threads made me realize that my thoughts might be flawed and that maybe alt coins are good for making short gains and not long since some analysts believe they are subject to pump and dump. So would like to know
1. What will happen to alt coins when Bitcoin becomes a legal tender? Will they have a massive growth,or would people sell and jump into Bitcoin?
2. What would happen to alt coins when Bitcoin becomes relatively stable( when it is fully mined and will solve its problem of price volatility)? Will alt coins survive the test of time? Will new alt coins be created later? What would become of the various countries'currencies, especially the Dollar (the global reserve currency) after Bitcoin's general acceptance?
3. If alt coins survive in the next century what is the reason it would.
4. Should alt coins be traded rather than HODL?
I hope my questions aren't too many.
Thank you for your time once again.
1. of course the price of altcoin will also increase very high, because more investors will invest and use cryptocurrency;
2. there will be no significant changes if Bitcoin is accepted by the country, because Bitcoin is already very popular, so Bitcoin and altcoin prices will definitely continue to increase every time, even if Bitcoin is accepted or not by the country;
3. because many companies are starting to use cryptocurrency (Bitcoin and altcoin) for their projects in the future;
4. it depends on you, if you want to invest for the long term, then you better to hold.