Think this way, what will be the best cryptocurrency that suits "Bitcoin's Dominance Place" now? XRP? ETH? Or some stable and USD token such as USDT and TrueUSD? Or the real USD (unless regulated by the SEC, internationally)? There's no such thing for now that is best for place, and besides, I don't think they are really attached to Bitcoin.
Topic: Altcoin have to detach themselves from bitcoin (Read 108 times)
I don't agree, because the cryptocurrency market is still in its early stages.
So most of the tokens are still following bitcoin, and I think that's a positive sign.
So most of the tokens are still following bitcoin, and I think that's a positive sign.
It will be very difficult or even close to impossible to detach altcoins from bitcoins because all altcoins are traded with bitcoins. Bitcoin will always have some sort of influence on the price of any particular altcoin.
I have been thinking about the bitcoin dominance in the market and how the up and down trend movement of bitcoin drive other altcoin with good project and potential and it really baffles me.
I concluded that any serious coin that want to do well and achieve its purpose just have to detach itself from bitcoin.
DO you agree with me?
Yes I do, but it looks Impossible to be happened, bitcoin has been giving a huge domination to the whole of cryptopcurrency. you can see that there was only a coin that can detach themselves from the bitcoin and it's only stable coin. I concluded that any serious coin that want to do well and achieve its purpose just have to detach itself from bitcoin.
DO you agree with me?
bitcoin has come the main pair in all of the exchange site and that will not let the altcoin to be independent.
I don't think it's necessary, because it's like fate if bitcoin has the power to regulate the market. and that power is not owned by any altcoin. there is nothing wrong if bitcoin is the parent of all altcoins, because in fact the bitcoin has a higher value than the altcoin.
How would an altcoin detached itself from BTC?
All these altcoins are paired with BTC and ETH, its almost impossible for an altcoin to free itself when trading in this market happens 247 and anyone can dump their token for BTC. Even if the token is paired with USD and its utility token can't escape with BTC dominance. There is one exchange that might be able to get their way to it and its this one dcex.com, they are however trying to make XRP dominate.
DCEX IS THE FIRST DIGITAL CURRENCY MARKETPLACE TO USE XRP AS THE EXCLUSIVE BASE CURRENCY.
All these altcoins are paired with BTC and ETH, its almost impossible for an altcoin to free itself when trading in this market happens 247 and anyone can dump their token for BTC. Even if the token is paired with USD and its utility token can't escape with BTC dominance. There is one exchange that might be able to get their way to it and its this one dcex.com, they are however trying to make XRP dominate.
DCEX IS THE FIRST DIGITAL CURRENCY MARKETPLACE TO USE XRP AS THE EXCLUSIVE BASE CURRENCY.
they first have to be a good cryptocurrency that does an actual thing in the world and not just pretend solving problems and all the while get pumped and dumped for money making purposes. then we can see a serious cryptocurrency that is real, gains real adoption in real world by real businesses, and gains real solid price that doesn't just move down because bitcoin went up or down.
the problem is, so far we have had no coins with that description. they are all created for speculation and people also don't want them for anything else!
there are some coins with a good usecase and working product but it still been dragged with btc price. Once a coin is paired or traded majorly against btc, the price will still be affected with btc movement. the problem is, so far we have had no coins with that description. they are all created for speculation and people also don't want them for anything else!
whether it is necessary? I think this is impossible because we know own bitcoin has huge influence against market crypto, and it hasn't owned any other crypto. in fact if you want to grow a certain altcoin values without any influence of the bitcoin it could, by means of increasing altcoin purchasing power in the market.
You can see this very clear with Binance Coin, when Bitcoin is dropping BNB is rising up. It's mostly because this coin is traded against many other coins and when the market is dropping they are going back to BNB to keep value instead of Bitcoin.
If the coin has a lot of fiat pairs it's the same case, that's why you don't see such drastic drops in Ethereum and Ripple.
yaa binance coin is a good case study in this case but don't you think other coins also can replicate this? It will really bring stability and increase investors trust If the coin has a lot of fiat pairs it's the same case, that's why you don't see such drastic drops in Ethereum and Ripple.
You can see this very clear with Binance Coin, when Bitcoin is dropping BNB is rising up. It's mostly because this coin is traded against many other coins and when the market is dropping they are going back to BNB to keep value instead of Bitcoin.
If the coin has a lot of fiat pairs it's the same case, that's why you don't see such drastic drops in Ethereum and Ripple.
If the coin has a lot of fiat pairs it's the same case, that's why you don't see such drastic drops in Ethereum and Ripple.
BNB has an actual real world use, in that it reduces trading fees on Binance, which as we know is the largest crypto exchange in the world. That's more than can be said of the vast majority of alt coins, which are all hype and promises with no working product.
The way for an altcoin to detach itself from Bitcoin is to develop an actual use and not just be useless speculation.
I agree with your idea, altcoins must break away from the influence of Bitcoin, we can see the influence of Bitcoin is very large on other altcoins, Bitcoin is often a reference for rising altcoin prices, I think Altcoin cannot run this way, Altcoin must be independent and independent .
I have been thinking about the bitcoin dominance in the market and how the up and down trend movement of bitcoin drive other altcoin with good project and potential and it really baffles me.
I concluded that any serious coin that want to do well and achieve its purpose just have to detach itself from bitcoin.
DO you agree with me?
Yes I do, but it looks Impossible to be happened, bitcoin has been giving a huge domination to the whole of cryptopcurrency. you can see that there was only a coin that can detach themselves from the bitcoin and it's only stable coin. I concluded that any serious coin that want to do well and achieve its purpose just have to detach itself from bitcoin.
DO you agree with me?
bitcoin has come the main pair in all of the exchange site and that will not let the altcoin to be independent.
they first have to be a good cryptocurrency that does an actual thing in the world and not just pretend solving problems and all the while get pumped and dumped for money making purposes. then we can see a serious cryptocurrency that is real, gains real adoption in real world by real businesses, and gains real solid price that doesn't just move down because bitcoin went up or down.
the problem is, so far we have had no coins with that description. they are all created for speculation and people also don't want them for anything else!
the problem is, so far we have had no coins with that description. they are all created for speculation and people also don't want them for anything else!
You can see this very clear with Binance Coin, when Bitcoin is dropping BNB is rising up. It's mostly because this coin is traded against many other coins and when the market is dropping they are going back to BNB to keep value instead of Bitcoin.
If the coin has a lot of fiat pairs it's the same case, that's why you don't see such drastic drops in Ethereum and Ripple.
If the coin has a lot of fiat pairs it's the same case, that's why you don't see such drastic drops in Ethereum and Ripple.
I have been thinking about the bitcoin dominance in the market and how the up and down trend movement of bitcoin drive other altcoin with good project and potential and it really baffles me.
I concluded that any serious coin that want to do well and achieve its purpose just have to detach itself from bitcoin.
DO you agree with me?
I concluded that any serious coin that want to do well and achieve its purpose just have to detach itself from bitcoin.
DO you agree with me?
Jump to: