Bitcoin needs altcoins because ... - page 10.

wh04m1

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Quote from: Sled on February 18, 2017, 02:56:25 AM

Bitcoin needs altcoins because it is another factor why people are into bitcoin because they see great opportunity like altcoin to make profit. And also bitcoin need altcoins because it is one of the ways how bitcoin is being diverse and how it lessen the supply of bitcoin because most of the bitcoin are on altcoin market and it reflects for bitcoin market price to be high because of fewer supply.

Bitcoin will continue to be used even if all altcoins are not used. But in terms of market dynamics, altcoins create a competitive environment. People are trading altcoins to keep the market standing.
This high transaction volume in the altcoins makes it possible to increase the value of the bitcoin.

bncbnc

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Quote from: Eodguy149 on February 18, 2017, 05:24:55 AM

Alt coins are definitely a place where new things can be tested and innovations can be implimented. It is a lot easier to try things out on an alt coin then something like Bitcoin with a $16 billion market cap. Not a lot of room for error there...

but i think we people need alt coins for making more and more money otherwise bitcoin do not need for any alt coin for its survival. because bitcoin is a perfect currency and there is not need for any alt coin for the survival of bitcoin.

FLoving

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Quote from: aardvark15 on February 17, 2017, 10:15:46 PM

Bitcoin may become too expensive and too hard to get. With a limited supply, with people holding a lot of coins for investment, and with some coins lost, we may need alts to complement Bitcoin.

I guess that's not the real reason why bitcoin needs alt coin. Alt coins are just created for trading and they are helping for bitcoin to keep on pumping. And as well if there are alt coins who has a good development and future plans they can be associated with bitcoin. But other than that, alt coins are just good for that way.

Yes it is right that altcoin do not have any benefit to bitcoin and bitcoin is not relying on any altcoin for their benefits but there is only a smaller amount of benefit that when the altcoin developers start to advertise their coin to everyone then people also know about bitcoin those who do not have heard.

RhodaGila

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I think initially Altcoins made may aim to be able to innovate and compete with Bitcoin although not completely like that, different goals, and most is money, to produce fresh fiat money.
But on it, Altcoins can give color to the cryptocurrency world that besides Bitcoin that there are also even many other coins and make trade crypto is not saturated only with Bitcoin alone.

1Referee

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Quote from: bob123 on February 18, 2017, 03:25:58 AM

I don't think those altcoin Markets "lower the supply of btc" that much, that it created a higher price

It's a fact that the demand for altcoins takes a certain amount of Bitcoins off the circulating market, but it's simply impossible to know what exact impact it has on the price other than the obvious fact that it is positive. I think it's safe to say that the total number of Bitcoins purely being used in the altcoin market is at least a few hundred thousand. Everything that helps in getting Bitcoins off the circulating market, helps increasing Bitcoin's level of scarcity. That's how it works in a market depending on supply and demand.

xIIImaL

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Quote from: paul gatt on February 18, 2017, 05:24:26 AM

we humans are always ambitious, so we always want more. And to own more than Bitcoin, an easy and convenient way is to use alt least coin. Alt always exist because of human ambition and exists to develop the technology world. in addition, alt coin also bring a competitive Bitcoin, from there, it promotes the development of Bitcoin

Still no any altcoins were competitive with bitcoins. Bitcoin is capital money for all type of digital currencies. It is working independently and every day we are receiving good adoption for the bitcoin. Till Bitcoin accepted as centralized money, bitcoin will not work under any government or people.

Eodguy149

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Alt coins are definitely a place where new things can be tested and innovations can be implimented. It is a lot easier to try things out on an alt coin then something like Bitcoin with a $16 billion market cap. Not a lot of room for error there...

paul gatt

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we humans are always ambitious, so we always want more. And to own more than Bitcoin, an easy and convenient way is to use alt least coin. Alt always exist because of human ambition and exists to develop the technology world. in addition, alt coin also bring a competitive Bitcoin, from there, it promotes the development of Bitcoin

hollandvan

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Quote from: Diced90 on February 18, 2017, 02:59:07 AM

IMO I think bitcoin needs altcoins as new technologies of crypto currencies can be tried on alts like Segwit which can later be used on btc if its probable that it works.

Great, new technology should be used in altcoin first, if it is ok and without any bug, bitcoin can implement it for safety.

Fatanut

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Quote from: btcjoin14 on February 17, 2017, 07:17:39 PM

It's crazy to think that Bitcoin needs Altcoins for survival. Do you realize that the price of Bitcoin would be MUCH higher if there wasn't any other side things that Bitcoin could be spent on[1]?

With the number of hacks and Bitcoin/Altcoin trading it's likely that the people on this forum lost large amounts of cash that could've been spent on Bitcoin[2].

The rich people don't really want to get involved with Bitcoin because there isn't any point to them in their point of view. They're kind of too old[3] so they just don't get it, it's beyond the similarity of the email service scenario from back in the days[4].

[1] Altcoin teams are spending tons of money on advertising. Anyone who has an altcoin would eventually have bitcoins. In other words, altcoins are the way for bitcoin to get advertised. There's not much advertisements about bitcoin, right? Only advertisements about bitcoin-related companies but not bitcoin itself.

[2] Supposed that there's no altcoin exchange sites, hackers would target bitcoin exchange sites instead and the number of bitcoins that would be lost because of that might even be larger because people's bitcoins are all in there. Unlike when there's altcoin exchanges, some of their money is on bitcoin exchange and some are in the altcoin exchange. Simply, altcoin exchange have actually saved some of our bitcoins somehow.

[3] Why are you thinking that all rich people are old? There are 16 year old kids nowadays that are richer than what we'll ever be.

[4] I actually think that rich people are more open-minded on things like this because they don't want to store all of their money on a single asset. Bitcoin is a good place to store some of your money.

Natalim

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Quote from: bob123 on February 18, 2017, 03:25:58 AM

Quote from: Sled on February 18, 2017, 02:56:25 AM

Bitcoin needs altcoins because it is another factor why people are into bitcoin because they see great opportunity like altcoin to make profit. And also bitcoin need altcoins because it is one of the ways how bitcoin is being diverse and how it lessen the supply of bitcoin because most of the bitcoin are on altcoin market and it reflects for bitcoin market price to be high because of fewer supply.

Altcoins trading is more gambling than real trading..
You cant really Predict the trend of an altcoin.
I don't think those altcoin Markets "lower the supply of btc" that much, that it created a higher price

It's not what I think, trading is an act or converting your asset into fiat to have it's value. Trading in altcoins has no difference in trading with bitcoin, it just so happen that bitcoin is more popular than altcoins but if you will just dig deeper and expand your knowledge, you can find that there are more legitimate altcoins that has been existing successfully for a long time already, they provide your greater profit as they fluctuate more than bitcoin itself.

bob123

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Quote from: Sled on February 18, 2017, 02:56:25 AM

Bitcoin needs altcoins because it is another factor why people are into bitcoin because they see great opportunity like altcoin to make profit. And also bitcoin need altcoins because it is one of the ways how bitcoin is being diverse and how it lessen the supply of bitcoin because most of the bitcoin are on altcoin market and it reflects for bitcoin market price to be high because of fewer supply.

Altcoins trading is more gambling than real trading..
You cant really Predict the trend of an altcoin.
I don't think those altcoin Markets "lower the supply of btc" that much, that it created a higher price

nelson4lov

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Quote from: aardvark15 on February 17, 2017, 10:15:46 PM

Bitcoin may become too expensive and too hard to get. With a limited supply, with people holding a lot of coins for investment, and with some coins lost, we may need alts to complement Bitcoin.

I guess that's not the real reason why bitcoin needs alt coin. Alt coins are just created for trading and they are helping for bitcoin to keep on pumping. And as well if there are alt coins who has a good development and future plans they can be associated with bitcoin. But other than that, alt coins are just good for that way.

This is not particularly true. while bitcoin maybe the very first Cryptocurrency, There are other altcoins available and they all serve different purposes. So the question of whether or not bitcoin need Altcoins can't be answered at the moment

doomistake

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Quote from: cellard on January 22, 2017, 12:05:16 PM

Quote from: hv_ on January 22, 2017, 11:20:22 AM

...

- Alts work like a testnet for bitcoins (looking forward seeing Litecoin with SegWit)

- Once an alt feature looks working it might get adopted no matter onchain or in a side chain. (RSK)

- Alts mostly need bitcoin to trade and some bitcoins might be always reserved / locked for this.

- Alts might help to generate a closed bitcoin economy

My favorit comes here:

- Alts work like an infinite fear generator (Hydra) against any try of regulators to bring bitcoin down, since there are too many to kill and its very easy to just create a new one (like a Hydra cannot be killed by chopping off some heads, even the biggest one!) > crypto world is anti fragile and it will stay on this solar system from year 2009 on.

Any other things missing here?

Because we want more bitcoins... and altcoins are the only way to trade and get more bitcoins without having to give your bank accounts and all sort of credentials into all those shady ass exchanges in order for you to trade.

Alts will always exist because people love gambling.

Correct. Since Altcoin is the other way to earn bitcoin by converting it to an exchanger, we can have a lot of bitcoins than just having bitcoin because of the signature campaigns that pays us bitcoin. It is not that bitcoin really needs those Altcoins out there, besides, Altcoins do exist in the first place because of bitcoin. Altcoins have been invented through the idea of bitcoin, so, the right thing to say is, Altcoin needs bitcoin.

On the other hand, Alts doesn't exist because of gambling, it is not connected after all, because bitcoin is the most cryptocurrency that is always using in different gambling sites here in the virtual world.

Diced90

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IMO I think bitcoin needs altcoins as new technologies of crypto currencies can be tried on alts like Segwit which can later be used on btc if its probable that it works.

Sled

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Bitcoin needs altcoins because it is another factor why people are into bitcoin because they see great opportunity like altcoin to make profit. And also bitcoin need altcoins because it is one of the ways how bitcoin is being diverse and how it lessen the supply of bitcoin because most of the bitcoin are on altcoin market and it reflects for bitcoin market price to be high because of fewer supply.

btcjoin14

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Quote from: aardvark15 on February 17, 2017, 10:15:46 PM

Bitcoin may become too expensive and too hard to get. With a limited supply, with people holding a lot of coins for investment, and with some coins lost, we may need alts to complement Bitcoin.

I guess that's not the real reason why bitcoin needs alt coin. Alt coins are just created for trading and they are helping for bitcoin to keep on pumping. And as well if there are alt coins who has a good development and future plans they can be associated with bitcoin. But other than that, alt coins are just good for that way.

I don't think that Altcoins help with the pumping of Bitcoin because if someone purchases Bitcoin he is trading BTC to get the Altcoin and then when the seller of the Altcoin receives BTC he or she will dump BTC to obtain fiat.

If the person really wants Bitcoin to pump then they should just work a real job then keep buying Bitcoin with a portion of each paycheck going towards it. Not that I recommend doing this because the price could go lower. If enough people do that then the price of Bitcoin will be 5 digits quickly.

wh04m1

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To me, bitcoin does not need altcoins. Bitcoin will continue to be used even if there are no altcoins. But the transaction volume created by the subcitizens in the trade sites has a positive effect on bitcoin. Everyone is trying to pick up the bitcoin. Generally, subcoins are sold and bitcoin is being purchased.

From this point of view, altcoins increase btc value.

aardvark15

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Bitcoin may become too expensive and too hard to get. With a limited supply, with people holding a lot of coins for investment, and with some coins lost, we may need alts to complement Bitcoin.

warwar

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Yes definitely.Bitcoins without the altcoins circulating will be equal to zero.Bitcoins is launch just before launching of altcoins in online world.Altcoins depends on bitcoins while bitcoins also depends sometimes on demand of altcoins in some trading flatforms.go to a exchanger site and see it yourself that bitcoins and all altcoins are linked together to work perfectly

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