Topic: Isn't Altcoin a distraction to Bitcoin adoption? - page 2. (Read 839 times)

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.

That's the main reason why I disagree with OP because I believe that cryptocurrency adoption eventually means bitcoin adoption because you will barely find people who know about cryptocurrencies whether meme coins, shit coins, or normal altcoins, it's not possible for them to not know about bitcoin because first of all, you can't be trading any other token and not notice Bitcoin no matter what exchange you are using unless it's some decentralized exchange just for altcoins but still, one will surely see it somewhere.

Secondly, a person who gets into the industry cannot stay away from news and stuff and when you check crypto-related news outlets and websites, you will surely find something about Bitcoin and once a person checks Bitcoin and finds out what it is, they can't stay away from it.

Indirectly true and on the other hand their presence is also recognized to be able to tempt investors, especially those who are new to turn their attention to them a little and another impact is that there is a slowdown in the movement of Bitcoin adoption rates globally because it makes their focus divided not only one coin but split into many other digital assets.

Although the real hope is to quickly get a profit whether they will go up 10x or not once they invest, but their presence also enlivens the growth of cryptocurrency adoption and the final message will come to their minds that the purest is BTC in the end. Yes and That's for Sure.

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)

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)

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)

Like many previous ETFs topics, people always question ETFs, some think it will have a negative impact on Bitcoin and don't like the appearance of ETFs...but the problem is we can't do anything to prevent it. So it really is a waste of time when we spend time talking about things we cannot change. And in my opinion, the existence of Altcoins will have a positive and negative impact on bitcoin, and what we need to do is adapt to it because we won't be able to do anything to change that even when we don't like it.

I stand on No, it isn't, as they say variety is the spice of life, makes sense we have other Altcoin trying to compete with Bitcoin, or even coins that forked out Bitcoin like BCH and BSV etc. With the existence of these alongside, it rather make stand clear or tall among other coin, because without all those Altcoin we might appreciate the real quality that Bitcoin has which make it unique,  people tend to do better where there's competition, Therefore with other Altcoin in place, it's helping Bitcoin get better overtime if we talk about fastness, low transaction fees, it security etc.

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?

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

I don't think its really a distraction since altcoins can also help people to be aware the existence of bitcoin. There are new people that has been introduce to invest on altcoins by some people they meet on internet or maybe even in real life and provably on the way for trying to earn some profit from their investments they know that bitcoin is at the top of the chain on cryptocurrency and for sure with that they would do a research to know more about bitcoin.

If your concern is they might get discourage if this people will get scam by scam altcoins then provably that's the case if the person is not really interested on cryptocurrency. But if they want to try other crypto then for sure they would start to learn on how to invest their time and money on bitcoin.

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?

I'm not sure if there's any point in having such discussion as we not going to develop an alternative universe in which altcoins don't exist.
Bitcoin is here to stay and so are altcoins. There's not much anyone can do about it, other than maybe governments banning them.

That being said, you can't ignore the positive effects of having multiple cryptocurrencies in existence on Bitcoin. First of all we have huge crypto exchange market, and altcoins act as a testing ground for many solutions/features that (if successful) could be implemented in Bitcoin.