Topic: Bitcoin competition. - page 2. (Read 535 times)
Bitcoin's competitors aren't actually altcoins, it's other non-currencies and assets. Bitcoin already has a significant plurality of the crypto market cap, and the total crypto market cap is only a fraction of the GDP of the U.S. or Europe. Altcoins will always be a mixed bag, I don't particularly care about them. If crypto as a whole can take up market share against other assets, even if it's altcoins that take part of that share, Bitcoiners would be better off.
even if there are alternatives, they will always invest in Bitcoin. And we must admit that there are some instances where alts benefit Bitcoin.
Exactly, and it's also worth mentioning that there will always be innovation so people will try and replicate bitcoin's success and some might even improve upon what they think bitcoin is lacking or that they're just ambitious and they want to create a competition. Nonetheless, even if there is no competition for bitcoin, I don't think that the price will go this high because without competition, there's no notoriety that bitcoin is experiencing right now and even if there is, I don't think it's going to be the same.
I don't think Bitcoin is competing with any other coin, you don't expect an investor in the cryptocurrency lane to settle for just one investment. This doesn't mean that Bitcoin is competing with other alternative coins, this just means an investor act of being versatile.
If bitcoin is competing with other coins why do we advice a new investor to invest in it, before you tell someone about an investment, I believe you would have known the reliability and accessibility of such commodity or asset.
To me I don't see any competition here, I just see people not putting their money in a particular investment, if there is competition why always bitcoin. I am not saying that altcoins are not good but practically Bitcoin is the most excellent.
If bitcoin is competing with other coins why do we advice a new investor to invest in it, before you tell someone about an investment, I believe you would have known the reliability and accessibility of such commodity or asset.
To me I don't see any competition here, I just see people not putting their money in a particular investment, if there is competition why always bitcoin. I am not saying that altcoins are not good but practically Bitcoin is the most excellent.
Bitcoin can't do this alone, the world is advancing and that is expected of blockchain technology too, look into the biggest altcoins and compare their utilities, you expect Bitcoin to be all utilities in 1? That's not possible, every new technologies have their disadvantages too, Bitcoin can't do or offer what Polygon Matic is offering, and vice versa.
If Bitcoin never existed, projects like Polygon will still do very well, the uniqueness of few altcoins makes them very useful, what Bitcoin did so well is the better store of value and real decentralized digital currency, this is what makes Bitcoin more reliable than other altcoins.
I am no more supporting the idea that altcoins are standing because of Bitcoin, yes this is true for the majority of alts but very few alts has what it takes.
If Bitcoin never existed, projects like Polygon will still do very well, the uniqueness of few altcoins makes them very useful, what Bitcoin did so well is the better store of value and real decentralized digital currency, this is what makes Bitcoin more reliable than other altcoins.
I am no more supporting the idea that altcoins are standing because of Bitcoin, yes this is true for the majority of alts but very few alts has what it takes.
The important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
I seems not to agree with you on this very statement of yours given above, because it is the competition that actually create balance in the world of cryptocurrency, giving each individual the ability to diversify their portfolio and means of storing value, because imagine we had just only Bitcoin, I'm sure the world of cryptocurrency would have being very boring, but with the presence of altcoins now, it gives traders the ability to still make huge profit/lose since altcoins are most volatile.
Altcoins are good but Bitcoin is the best. No one compares to Bitcoin in my opinion. Altcoins also have many investors who still hold BNB,Ethereum,etc. Yes Bitcoin has more investors than Altcoins. You said if there is no altcoins in the market then investors in bitcoin will increase yes you are right. Due to the absence of altcoins in the market,as investors of Bitcoin will increase,the price of Bitcoin will increase so much that not everyone will be able to buy it. But in my opinion altcoin will not die nor bitcoin will die. Everything has a little ups and downs. As you said there will be no competition when there is only bitcoin in the market. Then many investors in altcoins will increase because the price of Bitcoin will decrease. But altcoins will not affect Bitcoin. Bitcoin is ahead and best in the competitive market.
My new thought about the low investors rate on Bitcoin, this came to my mind this evening and I want to share my thoughts with everyone and not keeping it alone.
Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
Altcoin partly contribute to the success of Bitcoin by reaching possible Bitcoin investors when people found out that the majority of altcoins are just scams and for money grab. I agree that without altcoin, Bitcoin will surely have market capitalization but I think the information propagation would be slower. Due to the effort of some altcoins in promoting their project while being paired with Bitcoin, they indirectly promote Bitcoin to their target audience.
I seriously doubt that altcoins steal potential investors from Bitcoin. Altcoins are ultra-high risk investments that promise very fast returns. Bitcoin promises nothing, it has no marketing teams, no official promises at all, it's just an open source project focused on improving what it already does. Altcoins and Bitcoin are like penny stocks and S&P500. They attract different types of investors.
My new thought about the low investors rate on Bitcoin, this came to my mind this evening and I want to share my thoughts with everyone and not keeping it alone.
Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
I don't know how you managed to come by these statistics but I would have e like to have the facts to the claims in OP!Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
What really leaves you with the impression that bitcoin has hot low or declined patronage at the moment compared to times past or with the various altcoins out there.
Besides, bitcoin isn't the sort of coin that seeks people's approval or patronage. The little it's got is enough and I don't see what role a populated bitcoin old play other than opening spaces for P2P transactions.
You can't expect bitcoin to operate a monopoly, it just shouldn't be and won't be. Bitcoin is doing okay and it's charts remains as healthy as it could be when compared with other atcoins.
For a fact, it sounds odd to make any comparison as bitcoin remains on a lane of its own.
Competition breeds innovation, which could be said for bitcoin and the entirety of the cryptocurrency world too. If all altcoins are gone and bitcoin only remains, sure we may see an upsurge of people investing on the platform but at the same time advancements in the cryptocurrency industry will no longer happen. Say good bye to NFTs, to DeFi, say good bye to everything that you're able to enjoy in the cryptocurrency world cause for the most part the only thing that bitcoin's got going for it is the fact that it's valuable. Slash that out and it's going to be rat stomped by the competition. This, alone will kill the cryptocurrency world cause no one would bother investing on a coin that does nothing but be a payment method when fiat's more accessible and convenient.
I agree with you 100%. Given the new innovations I'm seen in the crypto space over the years, it is indeed true that competition drives innovation. If not for innovation, we wouldn't have had solutions and use cases that are currently available in the space today. Transferring value via Bitcoin is great but in the traditional finance industry, there's so much you can do apart from just transferring value from one entity to another. Competing blockchains enabled this since you can't run smart contracts directly on bitcoin network without any complex tooling.
The competition is interesting and I believe it is among the reason why the cryptocurrency market is taken over the financial sector of the world gradually. Investors will always go for what they think will favour them the most, being it bitcoin or altcoin. Both bitcoin and other altcoins are important in the long term future of cryptocurrencies, the competition is paving way for their growth and adoption and that’s the most important aspect of it.
Competition breeds innovation, which could be said for bitcoin and the entirety of the cryptocurrency world too. If all altcoins are gone and bitcoin only remains, sure we may see an upsurge of people investing on the platform but at the same time advancements in the cryptocurrency industry will no longer happen. Say good bye to NFTs, to DeFi, say good bye to everything that you're able to enjoy in the cryptocurrency world cause for the most part the only thing that bitcoin's got going for it is the fact that it's valuable. Slash that out and it's going to be rat stomped by the competition. This, alone will kill the cryptocurrency world cause no one would bother investing on a coin that does nothing but be a payment method when fiat's more accessible and convenient.
Now people are diversifying their portfolio in altcoin and bitcoin, if just bitcoin was there for investement then more people would preferred it but I think that if even altcoins are available for investment people desires to put money into bitcoin.
I think if there arises new technology which will be more successful than bitcoin people will give value to bitcoin as it is old currency and asset that turn Millionaires into Billionaires.
There is competition for only bitcoin as price increases more and more on regular basis. Altcoins are also more valuable because as compared to bitcoin altcoins are less expensive.
I think if there arises new technology which will be more successful than bitcoin people will give value to bitcoin as it is old currency and asset that turn Millionaires into Billionaires.
There is competition for only bitcoin as price increases more and more on regular basis. Altcoins are also more valuable because as compared to bitcoin altcoins are less expensive.
we can't deny the possibility that a new technology will arise in the future. but for now, bitcoin is still the leading cryptocurrency among these thousands of alts. hence, a lot are still preferring to stash some bitcoin along with some valuable alts. most alts will be gone in few months or years, but btc still keep on its ground. this is why, people are trusting this coin to be part of their portfolio.
My new thought about the low investors rate on Bitcoin, this came to my mind this evening and I want to share my thoughts with everyone and not keeping it alone.
Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
Actually to rectify this very thing market has a phenomenon for itself. It's that market infact all the altcoins will only go green when bitcoin is green and similarly all the market will go red when bitcoin will go red so this way there always should be a constant pump to bitcoin so that other coins grow as well. Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
My new thought about the low investors rate on Bitcoin, this came to my mind this evening and I want to share my thoughts with everyone and not keeping it alone.
Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
the crypto market is like a cake, bitcoin has the biggest share in the cake (market) and the rest is just altcoins, that's very true if there were no altcoins then all investors would only glance at bitcoin, even so the purpose of creating altcoins was for various reasons, some were against bitcoin and some were actually created just to become memes like dogecoin. btw, several times it crossed my mind, is it possible that the majority of bitcoin investors have other coins they hold!
Confused by cryptocurrency types? Friend, we're here. Bitcoin and other cryptocurrencies fight for purchasers' money in the marketplace. Altcoins, like plants after a rain, have gained market share from Bitcoin. Only Bitcoin? It's like living in a country with one bank, right?
This notion holds that people spend because they have no other option. Could purchasers like altcoins' variety, tales, and new ideas? Altcoins aren't just digital gold, and Bitcoin's "store of value" tale may not appeal to everyone.
This notion holds that people spend because they have no other option. Could purchasers like altcoins' variety, tales, and new ideas? Altcoins aren't just digital gold, and Bitcoin's "store of value" tale may not appeal to everyone.
In my view, there are no real competitors to Bitcoin. Other cryptocurrencies, known as altcoins, are primarily traded with Bitcoin. People want to profit, and if Bitcoin were the only currency, it would be difficult to assess its value. While you could consider altcoins as potential competitors in theory, they don't truly compete with Bitcoin in practice. The presence of altcoins is crucial for a broader market as investors can make money from them. Additionally, altcoin teams actively promote cryptocurrencies, which increases overall awareness and benefits Bitcoin indirectly.
Now people are diversifying their portfolio in altcoin and bitcoin, if just bitcoin was there for investement then more people would preferred it but I think that if even altcoins are available for investment people desires to put money into bitcoin.
I think if there arises new technology which will be more successful than bitcoin people will give value to bitcoin as it is old currency and asset that turn Millionaires into Billionaires.
There is competition for only bitcoin as price increases more and more on regular basis. Altcoins are also more valuable because as compared to bitcoin altcoins are less expensive.
I think if there arises new technology which will be more successful than bitcoin people will give value to bitcoin as it is old currency and asset that turn Millionaires into Billionaires.
There is competition for only bitcoin as price increases more and more on regular basis. Altcoins are also more valuable because as compared to bitcoin altcoins are less expensive.
My new thought about the low investors rate on Bitcoin, this came to my mind this evening and I want to share my thoughts with everyone and not keeping it alone.
Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
If there is no other coins in cryptocurrency apart from bitcoin then there is no need for the competition you are talking about and it will not be interesting as it is now. When there is many options to choose from and yet you see a particular product doing well and attract more customers despite having rivals, then it's a sign that particular product is of high quality and that's the case with bitcoin. There is no reason to doubt it since it has proven itself among the rival coins. Bitcoin investors are much more than altcoins we all know that but thats not important, the important thing is Bitcoin is supposed to have more investors now if only their was no altcoins in the market, if you checked the numbers of investors you will understand what am trying to say. The competition in the market is making more investors not to invest more capital on Bitcoin.
If we use our fiat banks as an example, imagine we have only one bank in the country every citizens will want to open the bank and starts using it but if the banks are more people will spread and use other Banks.
If there's only Bitcoin in the market more investors will invest in Bitcoin because there is no competition. Although the price rate is much more than other coin, but people will still invest on altcoins because that's how Bitcoin price started so low.
If Bitcoin didn't had any flaws in it, other altcoins would never emerge especially Ethereum. Despite it's high gas fee, it's very popular among the new investors to buy ETH as compared to Bitcoin.
If we talk about transaction fees, Ethereum blockchain is worse than Bitcoin blockchain since its 2017 and 2018 bull run.If we talk about centralization and decentralization, about risk, Bitcoin blockchain is decentralized while Ethereum blockchain is not.
See A comparison chart on average transaction fees on Bitcoin and Ethereum blockchains. The red is for Ethereum, the blue is for Bitcoin.
People just choose Ethereum rather than Bitcoin because it is cheaper than Bitcoin.
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Reason being the Dapps they have implemented by the biggest brands in the world on Ethereum and other second layer like Polygon etc.
Their smart contracts and dApps around ERC20 chain cause losses to many people who believe in DeFi, GameFi, Metaverse projects and expensive transaction fees on the chain.Quote
Everything happens for a reason, and Bitcoin will continue to grow for those who HODL. 
Bitcoin is unique and will continue to be a biggest cryptocurrency, a leader in this market. Jump to: