Topic: Isn't Altcoin a distraction to Bitcoin adoption? (Read 952 times)

This begs the question, what if we had only Bitcoin? Wouldn't the level of adoption outgrow what it currently is at the moment?

Do you think that altcoin is a major distraction to bitcoins adoption?

It is quite understanding that without the existence of Bitcoin what coins cannot exist and from my own angle of understanding and my perspective I called altcoins a sub bitcoins because without the existence of bitcoin this coins can not exist and that is why  the price of bitcoin regulate the price of altcoins, so altcoins make a positive through bitcoin so I know that bitcoin is something that has to do price increment and decrement and that controls altcoins which some people does not know.

Do you think that altcoin is a major distraction to bitcoins adoption?

We know that the primary purpose why we even have anything like altcoin is because of Bitcoin and this has been fully reflected in the fact that when there is a major event that affects Bitcoin either positively or negatively, all altcoins and a bunch of meme coins feel the effect directly.

We also know that what makes Bitcoin relevant is firstly due to it decentralized nature and it ability to making  international transaction easier through the p2p concept and that Bitcoin has taken away the issues of unnecessary middle men and bunch of controls and regulations that's common with fiat or international banking systems and that the whole crypto ecosystem revolves around Bitcoin and that whatever project that has ever come up after Bitcoin have all been centered around modeling on the functionality of Bitcoin and maybe focused more on the volatility aspect of Bitcoin to attract individuals and investors to those crypto project while bitcoin in itself has all those qualities of volatility and provisions of the solution to international transactions that these altcoins hope to solve.

Again, Most of those who have had bad experiences in the crypto ecosystem are individuals who invested in some altcoins thinking it has the same potential as Bitcoin and the fact that it's always a norm in society to call Bitcoin one of the cryptocurrencies, it's no strange that altcoin might have played a great role in reducing the level of adoption of Bitcoin globally.

This begs the question, what if we had only Bitcoin? Wouldn't the level of adoption outgrow what it currently is at the moment?

Do you think that altcoin is a major distraction to bitcoins adoption?

To tell you the truth, a lot of people I know who's into crypto started with bitcoin only in mind. But after some time of holding bitcoins, they realized that it may not fit all of their 'needs' that's why they explored with other alts.

it's only a matter of time before we encounter a blocker which leads to the development of another coin.

     Maybe the shit coins that end up being scams are called distractions, but not all cryptocurrencies. It would be wrong to say that cryptocurrency is a distraction; in fact, because of altcoins, the recognition of Bitcoin has actually accelerated. Bitcoin wouldn't be popular if altcoins weren't popular; honestly, those are the facts that others here don't know.

     Especially in today's time when there are more opportunities in altcoins compared to Bitcoin, although I can't deny that there are more altcoins now, they are really quite high risk, so we must be wise in choosing if we are going to buy something as an asset and hold it.

To tell you the truth, a lot of people I know who's into crypto started with bitcoin only in mind. But after some time of holding bitcoins, they realized that it may not fit all of their 'needs' that's why they explored with other alts.

Even if there's only bitcoin as a sole cryptocurrency, people will always think of ways to improve on the current existing system. We will always try to fit everything with our use cases, and if it's something that doesn't fit the puzzle, we will try to create aomething that will help us achieve our goals. Altcoins are inevitable, given the nature of humans to explore and invent. Seeing that bitcoin is successful in one use case, it's only a matter of time before we encounter a blocker which leads to the development of another coin.

I'm pro bitcoin through and through but it isn't a one-size-fits-all solution to problems we never even know we have before. Altcoins, IMO, isn't a distraction, but rather a result of people looking to get the right piece to their own puzzles of problems.

No it's not a distraction, for some people altcoins existence is a blessing, they are able to get their hands on Bitcoin because of altcoins.

The last person that I introduced to crypto claimed that Bitcoin was too costly for him, so he went for altcoin and when he started making some good money he started using the profits to buy back some Bitcoin.

He understand that Bitcoin is much more reliable than altcoins but altcoins have some nasty opportunities to bring some good amount of ROI faster than Bitcoin, you just have to be smart to make this work.

Altcoins is the most risky play but it has the higher return on investment opportunities if you know how to play this out, but still I will advice people to focus on Bitcoin as their main target.

This begs the question, what if we had only Bitcoin? Wouldn't the level of adoption outgrow what it currently is at the moment?

Do you think that altcoin is a major distraction to bitcoins adoption?

     Maybe the shit coins that end up being scams are called distractions, but not all cryptocurrencies. It would be wrong to say that cryptocurrency is a distraction; in fact, because of altcoins, the recognition of Bitcoin has actually accelerated. Bitcoin wouldn't be popular if altcoins weren't popular; honestly, those are the facts that others here don't know.

     Especially in today's time when there are more opportunities in altcoins compared to Bitcoin, although I can't deny that there are more altcoins now, they are really quite high risk, so we must be wise in choosing if we are going to buy something as an asset and hold it.

I'm not against predicting or speculating on the impact of new things like ETFs could have on the price and Bitcoin as a whole. And I'm all in favour of trying to identify any future threats that ETFs or altcoins can pose to Bitcoin, so we can maybe act to prevent such etc. But asking whether Bitcoin would be better off if no altcoins ever existed is a pointless thought exercise at best with no value to it. Unless people get entertained by having such discussions, then it's OK I guess.

I understand what you’re saying and I agree because Bitcoin can’t succeed alone, people creating other coins shouldn’t be surprising. But despite your point, take a moment to imagine if Altcoins never came to existence, imagine how much adoption Bitcoin would have had. No matter what happens, we can’t change that altcoin exists, so it’s just a conversation that leaves you with thoughts and assumptions. And it isn’t necessarily blame.

Yes, altcoin is a huge distraction and I’m talking about use case. Today we can see many altcoins being used for payments, etc, and they happen to be a lot of them. If they were not in existence and it was just Bitcoin, all of that usage will fall on Bitcoin instead and that means way more adoption than there is today.

But I’m not sure to say that it isn’t good altcoins were created. They are serving their individual unique purposes (even if I know that some are just unnecessary copycats)

If we are trying to blame altcoins then I think the government is thinking the same as us. If bitcoins are not created, if bitcoins do not exist. Then they won't spend much effort or time to ban it and everything will still be under their control. Many people wouldn't be able to evade taxes without bitcoin, and the government wouldn't have a hard time chasing criminals when they use bitcoin...Everything has its pros and cons, nothing is perfect, so if you encounter competition, don't just blame others.

This begs the question, what if we had only Bitcoin? Wouldn't the level of adoption outgrow what it currently is at the moment?

Do you think that altcoin is a major distraction to bitcoins adoption?