Topic: Bitcoin competition. (Read 535 times)

I disagree with the op's idea that without altcoins, people would invest in Bitcoin more. If we look at the history of the market, there was a time of very few altcoins, and Bitcoin's market capitalization was very low at that point. Then more and more coins appeared, but Bitcoin remained #1 and continued to grow as well. I'm not saying that the growth of Bitcoin was caused by the growth of the altcoin market, but there's certainly a strong correlation there, at least. They fuelled each other, leading to higher demand for cryptos in general.

Indeed, if we are confident enough in bitcoin that it is the best coin and there is no coin to match it, then there is no reason for us to worry or fear when there are more altcoins.  the appearance of many altcoins, but no coin has ever usurped bitcoin, affirming that bitcoin is unique and will always lead above all.  Thanks to fiat, shitcoins...we realize how good and superior bitcoin is.  we will never know what is true beauty without ugliness to compare. it would be boring if only bitcoin or everything became monopolistic in life.

indeed, in this case there are always pros and cons, but I think we as investors in btc don't need to be afraid and worried because after all, btc will still have the potential to become crypto no. 1 for long term.

so I really agree with your opinion with altcoins, of course, there is a positive side for bitcoin.

I agree. The popularity of these altcoins have also increased the popularity of Bitcoin. A lot of people where introduced to a certain altcoin first when they were first introduced to crypto, but they know about Bitcoin in the process. You can't know crypto without knowing Bitcoin. Without the popularity of altcoins, Bitcoin won't be what it is today. I agree that there are disadvantages to altcoins but it also has it's advantages.
The more people involve in altcoin, the more Bitcoin becomes popular. This is because when compared to other altcoins, Bitcoin is better than the rest so it makes it superior, but if there was nothing to compare it to, it won't be seen as superior.

There's truth is what you're saying. Altcoins have made the adoption of Bitcoin slower, but I don't believe it's because of there are many other altcoins to invest in. I believe it's because these altcoins bring very bad publicity to Bitcoin. Most people that have swore never to have anything to do with cryptocurrency is because they were scammed or lost money through an altcoin.

If Bitcoin was the only crypto currency, it would have grown way more than this. Altcoins are in a way a killer to Bitcoin.

Competition indeed makes the market more colorful. At least people now have investment options. But what OP means is that everyone interested in cryptocurrencies would have had no option but to buy Bitcoin if it was the only coin in the market, I don't think his thoughts are wrong. He is just visualizing a crypto sector in which Bitcoin enjoys a full monopoly.


There are no restrictions for entry and exit of the cryptocurrency market, it is open to all investors. This has given rise to so many shitcoins flooding the market. For now, there are no regulations so Bitcoin cannot take all the market share. That's why people need to understand the market before investing. Most people don't know the difference between Bitcoin and altcoins so they are deceived by scammers to buy some worthless altcoins. As much as I know Bitcoin remains the number one coin because it has many features that make it outstanding in the crypto space.

Bitcoin is not the first cryptocurrency to be created from what I read. There have been other cryptocurrencies before its introduction in 2009. Since it came into limelight it has stand the test of time and proven what a solid coin it is. Though, other altcoins such as ETH, USDT, BNB, MATIC, SOLANA etc. have surfaced over the years to bring about some kind of competition in the space, which it's a good challenge and might to some point reduce the number of Bitcoin investors but Bitcoin is not doing badly either. According to statistics, the number of Bitcoin investors is on exponential rise and it is believed to increase further in the coming years.

only bitcoin in the blockchain will not make bitcoin grow fast and bitcoin is not making any compensation with other or any altcoins or shitcoins in the blockchain, they are the people that are competing with bitcoin and along the line some of them collapsed while others are struggling to survive. But bitcoin is not struggling but it is growing to the development stage. Only one bank in the whole world? then we can't deposit and withdraw money again because the charges will be very high. In the Cryptocurrency world, when more coins have getting stronger, even bitcoin mining price and transaction price will come down. Because if bitcoin is a digital currency which is to pay things online, then the charging fee is too high for now when compare to Fiat banking system.

Bitcoin does not rely on investors, Bitcoin relies on its use-case staying relevant and for the ecosystem to have use-case. For as long as there are fiat currencies which continue to increase their monetary supply, the threat of an individual losing the value of their money by holding cash or local fiat will exist, and therefore fixed supply assets like Bitcoin will continue to increase in fiat value, people will continue to seek to use it both to store value.

Another use case is transfer-ability of money. As banking regulations and limitations continue to increase or as political tensions of countries increase, limitations are imposed on where people can send their money. There are also extensive fees to move fiat internationally. Bitcoin on the other hand, has cheaper fees and no limitation as to where you can send the money to.

Investors is also the wrong way to put what Bitcoin thrive on. Bitcoin thrives on users, not investors. The more people that use Bitcoin and have an interest in continuing to use it, the stronger the ecosystem becomes.

The possibility of BTC being the only crypto is very wild as human habit are prone to competition in almost everything that is showing success and that has being the case of Bitcoin and every altcoin that in the crypto market as the success of Bitcoin has brought so many other crypto trying to simulate its peculiar decentralized nature but all have failed and that's why btc still top and has many investor holding it.

There is no second best. Your Internet protocol is IPv4. https://whatismyipaddress.com/ Try its fee. IPv4 protocol of Internet as a network consensus is the best analogy for Bitcoin.

"chipper" shitcoins shitprotocols:
NetBIOS
IPX (Internetwork Packet Exchange)
AppleTalk
DECnet
Xerox Network Systems (XNS)
IPng (Internet Protocol Next Generation)
OSI (Open Systems Interconnection) protocols
NCP (Novell, Inc)
FidoNet
etc

Bitcoin is obviously the most valued cryptocurrency. Its undisputedly the best. Its not the only beneficial thing of its kind. Crypto games are never solo. An ever-growing ecosystem. Each alternative cryptocurrency is unique. Ethereum supports smart contracts. like Ripple. All of them are true crypto superstars.  Bitcoin isnt perfect. If Bitcoin was the only game in town, more people might join. Is that better? Doubtful. Trust, safety, and possibility build belief, not hegemony. Because of this, its easy to see why so many people have faith in Bitcoin.

There would always be a competition on Bitcoin, irrespective of how good potential Bitcoin is, they can never convert all the investors, gone are those days when everyone wants to invest on Bitcoin as it was chipper then and there was a large number of investors coming in everyday but now the price has gotten to these extend most people began to loss interest because the majority investors prefer investing on a potential coins that has lower price in other to make good profit.

So, no matter how potential btc is, most investors will always choose more chipper coins because price fluctuations cannot easily affect them unlike btc, take for instance you invested $5k on Bitcoin at the price of $30k and based on how volatile it is and drop from $30k to $25k in the next morning, that means your account will be zero then till it comes back but other good chipper coins hardly move to that extent immediately instead it moves on a gradual process. that's my humble understanding.

Yes... If there were only Bitcoin as an asset, yes people might be more likely to choose an asset like gold to invest in so there would be more gold investors than Bitcoin investors.
This is where we can distinguish the best crypto investments in the presence of altcoins.

I agree. Not many people know that it can be manipulated. They may assume the numbers seen on coinmarketcap or on coingecko are correct.

Yeah true, but as you know very well that B44itcoin is decentralized meaning no single entity OR an individual controls it but everyone does! This is where it gets very crazy and you should understand that it makes every one of us individual bank. There is no authority, you don't need permission to store, send, or receive, neither on the limits nor on the identity.

Coming to the competition, the above statement makes it clear, just like Bitcoin we have other coins too and thus they are getting accepted by different investors all around the world. There is no single reason not to do this because freedom was the first key to do all this and that's what you and me experiencing right now.

You wouldn't be able to choose lead as money in the Roman Empire. Money or religion is never a matter of free choice. It is what society and the state impose on you.

After all owning Bitcoin is a freedom to choose, even though there's only one crypto right now, people might prefer to buy real estate, stock or gold rather than Bitcoin. Not all funds in every altcoins that we have seen on the coinmarketcap are real number, it could be manipulated from the centralized exchange or the developer invest his own money to increase the marketcap and rank.

Money is a symbiosis of information and faith.
To understand the nature of money, you need profound knowledge of mathematics (especially applied areas like "Game Theory") and equally deep knowledge of religious history. I won't burden the chat with mathematical formulas, so let's focus on the history of religions.

Many researchers believe that the concept of monotheism is relative, and this idea is a result of the gradual development from genotheism (a state of religious consciousness where individual deities lack specificity and stability, and each can replace all others) to monolatry (a system of beliefs based on the faith in multiple gods with one leading god).

Historically, it turned out that the most progressive religions on Earth are monotheistic - Christianity and Islam. This means a belief in one God (although He may be represented, for example, in three persons or more). One can defend a million useless dissertations explaining why it is so, but let's just accept this fact as an objective reality given to us through experience. My theory on this matter is that building temples for the entire pantheon of gods was much more costly than constructing uniform temples where everyone adheres to a unified ideology. This also provides a second advantage - monopoly on God (monotheism). It is easier for the state to govern monotheism than a group of scattered idiots believing in different deities, from Athena and Aphrodite to Zeus and beyond.

If we draw an analogy between faith and money, it is quite reasonable that humanity will eventually move from "polymonetarism" (multiple local currencies of scattered states) to "monomonetarism" (a unified "Ideal Money" not controlled by any state), and in some sense, this transition is inevitable. The advantages are obvious, as, for example, the Roman Empire (where Christianity became the main religion) no longer exists, but Christianity still does. Today, any money holds value only as long as the issuing state exists, and this is a significant problem for humanity (for instance, if you were born in the USSR).

So we need Bitcoin foundation or religious Order.

https://bitcointalksearch.org/topic/bitcoin-foundation-5460756

if for example the only crypto in this world is bitcoin, it has the potential that the price of btc will be higher, because people only invest in btc, but in reality there are many altcoins now and of course we have to accept the fact that now there are bitcoins and altcoins so we as btc investors should be able to enjoy our investment even though there are bitcoins and altcoins in this world.

Whoa whoa, calm down with your lumping altcoins with CBDC, imo CBDC is an insult to the core vision of cryptocurrency which is freedom from control whereas CBDC is the exact opposite of that. Also, there's no different free market, there's only one free market. Regarding your question, I think that it's a net positive given that altcoin season is an indicator for the movement of bitcoin right? Anything that helps you predict bitcoin's movement is a net positive in my book.