Topic: Isn't Altcoin a distraction to Bitcoin adoption? - page 3. (Read 952 times)

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.


Good question. If everyone could only use Bitcoin, I think the network would either get completely clogged or it would have to evolve into something completely different. In the first scenario, Bitcoin would be deemed as a failure in terms of transferring value and could end up with less demand than it currently has.

I think a large part of it (which happens with investing in general) is a combination of boredom and the urge to diversify, etc.

All you really need is BTC.

Everybody knows how important Bitcoin is compare to altcoins, and some choose to buy altcoins because they believe that they are earlier in alt than Bitcoin, some believe that altcoins will make them more money than holding Bitcoin, so they don't even bother to have some Bitcoin.

There are so many reasons why people will go for Bitcoin over altcoins and vice versa, I appreciate the existence of altcoins because I have made many returns investing in altcoins alone, more than Bitcoin returns itself, to me altcoins are not a distraction.

There are many alt that plan to take over bitcoin and they failed to deliver, many plan to be BTC 2.0 but they failed, its because Bitcoin is far better than any projects still, even when the altcoins have better features and more newer utilities, ROI wise is why I will always invest some money in altcoins, true be told, altcoins will always be better in terns of returns and Bitcoin will always be better in terms of reliability.

This scattered focus usually occurs among new investors who have not invested in crypto assets for a long time, because old investors who have often invested in crypto assets will definitely be more dominant in choosing Bitcoin and continue to focus on Bitcoin as a whole. more than for others. Even though in terms of seeking profits, it is not wrong to take advantage of other things, even if only for the short term, their concentration and capital will definitely flow more into Bitcoin because there are so many differences with other assets.

Any product will not get bigger if there are no other products to support it, and vice versa with bitcoin. The presence of altcoins in the industry made a big step in the trust for bitcoin, where people began to see the impact that bitcoin did not have on existing altcoins. Adoption occurs not because levels exceed, but because there is something more and people see bitcoin as a new hope amidst previously existing concepts that did not show freedom for someone to reach a stage of being more independent.

Personally, I don't see that altcoins are a big obstacle to bitcoin adoption. In fact, the presence of many altcoins makes this industry increasingly talked about, even though the effectiveness of altcoins has a big risk impact.

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.

Without any other projects to compete with, we will never know how good bitcoin is, competition is necessary for the crypto industry to grow and get better. But there are some old-fashioned, stubborn people who believe that altcoins are hindering the development of bitcoin, but without altcoins, how do they know how good bitcoin is?
Additionally, diversity is essential for any sector to grow because without competition and more options, the market will not be able to attract more users and customers.

Let me add to what you have said. Something has to lose value for another to gain more value. Bitcoin was the first in existence in cryptocurrency, the purpose of altcoin is to show the world the importance of Bitcoin and that no altcoin can have a blockchain that can be compared to that of Bitcoin. Altcoins has shown its weakness and most of them have failed in terms of trust and transparency but Bitcoin has not (More than a decade without any news of scam or failure). If there were no altcoins most investors would not see the importance of investing in Bitcoin instead of investing in Shitcoins.

Sort of but I'll look at it in a good way.

Many of the inflows that are coming from the altcoins are also flowing to Bitcoin once the major investors and bagholders there started to take profits.

Typically, they are putting those in stable coins but then they're wise enough to keep themselves up by accumulating Bitcoins when it's on a sale and that's why if it's about a major distraction, I've said sort of but not as in a major distraction.

Even if we have altcoins in the real crypto space, still bitcoin gains the highest attention that’s why we are looking forward for bitcoin to become mainstream in the future. Although some would still be attracted to altcoins most especially those who have limited funds, but that won’t stop the majority from trusting and sticking to bitcoin, not because it’s highly productive and profitable, but also because of its sustainability and high security in the market.

I don't think altcoins have reduced the level of adoption for bitcoin in any way, but as a distraction it has been a very good one that has swayed many into believing and even thinking that most crypto currency are scam and not good to invest in, and I would even say that its not worth it to invest in any other crypto currency other than bitcoin if you really want to invest and not gamble away with your funds.

Going back to the topic of discussion, I believe that altcoins are also playing a role in bring adoption to bitcoin, cause right now many that started put with some altcoins are now seeing clearly the need to participate in investing in bitcoin, the margin of superiority of bitcoin with other altcoins is now clearly seen. Some persons started out their investment or tried out crypto currency due to the hype of profit from one altcoin or the other, and even if it didn't turn out well, they now have an idea of what crypto currency is all about.
Personal is started out my crypto journey from one altcoin which was tera luna, although it didn't turn our well for me, right now I'm investing in bitcoin cause I see light in it and this is same experience for many others  too.

In conclusion altcoin has played a role in both contributing in mass adoption for bitcoin as the real deal of the crypto space and also a distraction for those seeking quick profits in the crypto space. I believe its balanced.

Not really no? A lot of crypto dudes entered the scene from altcoins really. Especially if you look into how NFT's and altcoins tied to crypto games exploded and a lot of new people were able to enter the scene through them. Granted not all of them stayed, but I reckon there's a good chunk in there that started learning and investing in Bitcoin. I reckon without altcoins (or at least, the idea of making your own crypto like Bitcoin), a lot of the current things we have right now wouldn't exist.

In the first place I wouldn't call altcoin a distraction, altcoins can basically be a promotion to Bitcoin really due to how most people would attribute the origin of most cryptos to Bitcoin. I wouldn't disagree that there are thousands of shitcoins out there though, but I reckon if companies were as easily made as cryptocurrencies, we'd have the same thousands of shit companies out there.

Bitcoin is good without altcoins, and altcoins are definitely not a distraction to bitcoin’s adoption. Most probably, we are still seeing a late bitcoin adoption because the people are just starting to recognize bitcoin, it’s advantages and disadvantages. But we all know that the world is actually heading for its bitcoin global adoption slowly, until majority of the countries learn to accept and legalize bitcoin, and use it in their everyday life. I know bitcoin process is getting there, so we just have to be patient since bitcoin itself is still young and have not totally matured yet.

If there was only Bitcoin then people will focus more on it without searching about any other altcoins and then they will not be trapped into scam projects. I think nowadays everyone is trying to find out altcoins because they want quick profit but in the crypto market quick profit cannot be attainable with ease.

Because of the presence of scam projects people often worried about investment in all other altcoins as well as in Bitcoin so I think if there was only Bitcoin then people will be more focused on just a single investment asset instead of finding new opportunities in the crypto world.

Not entirely. It may feel like "all the money that could have gone to bitcoin instead goes to altcoin" to people with straight up style of thinking, this is why I believe that most people are forgetting the fact that we are seeing most people who fear that they missed their chances on bitcoin, so they are investing into altcoin and wouldn't have invested into bitcoin at all if alts did not existed.

This is why I believe that people who do their best with altcoins are people who are doing their best, that's it. I think the greater return would be the fact that we are going to end up with a situation that could benefit them. Just ignore it all together and it could do very well. I personally hope for the best on the long run.

In my opinion probably not at all, since there are all cryptocurrencies, for sure These altcoins are just a copy of Bitcoin at some point, I mean most of them to exist as a copy of Bitcoin just to replicate what Bitcoin did as a digital cash right, We could all see how Ethereum started but in the long run it started to have its own way on networks, etc. And most of the altcoins these days already have there own uses where it might probably be useful, for sure there are some exceptions to meme tokens which are mostly created just for memes but still most of the altcoins these days did make a huge impact on the cryptocurrency adaptation overall.

There is probably some truth to what you have said because there are thousands of altcoins out there in the market, most of them are just useless and dead tokens already that don't have any value at all if that's what we are going to talk about we could easily say that it is easily a distraction to Bitcoin as a cryptocurrency because there is a lot of money that is wasted on some scam projects out there, then turns out to be a dead project or dead token, instead of that money being invested to Bitcoin it was just wasted to these dead altcoins, but not really on how Bitcoin is being adapted because altcoins are a huge help since people are getting exposed to cryptocurrency which is going to include Bitcoin. I know a lot of people started their interest in altcoins, and there are also some on NFTs, etc., and learning how to trade and started investing in Bitcoin earning huge profits so on and so forth.

Altcoins also helped for people to get into the crypto market, for example the craze on meme coins brought more new people in to the crypto investments for the right or wrong reasons.

If we have only bitcoin then it may over crowd the network if every crypto user is using it which makes it not really possible to use by everyone and also having one of its kind will be easier for the governments to suppress its adoption in one or other way.

Since we have thousands of cryptos there is no possibility of controlling especially bitcoin can maintain its actual decentralized naturee.

Altcoins can never be a limitation to the adoption of bitcoin.  People who invest or trade altcoins are very aware that altcoins are not reliable and they are coins with no good value but because people are greedy they are ready to take risk to see if money can be made from these coins. People who invest and trade altcoins have bitcoin and they know very well bitcoin is the most reliable to have a cryptocurrency.  Altcoins are never problems to the adoption bitcoin because when you mention cryptocurrency to people that are not even familiar with cryptocurrency the first coin that comes from their mind is bitcoin. 

Bitcoin is the first thing that comes from the mind of people when cryptocurrency is mention, it has been existing long before altcoins. The quality of bitcoin is enough for people to go for bitcoin.

Well, they are not really making any changes for bitcoins and the evidence for that is the price of bitcoins itself because it hasn't been overcome by any other cryptocurrencies available right now and it has remained on the top for more than a decade and continuously dominant others due to the fact of its being decentralized and also its popularity among the crypto enthusiast and the crypto investors. The only problem here is the shitcoins that have nothing to do with bitcoins because they were just created for fooling newbies and taking away their money from them in the name of new altcoins investment opportunities, if we could only get rid of those, surely altcoins will be more a push-forward thing for bitcoins today.

Many users linking altcoins as scam, which is true.

But most people who own Bitcoin are hold their coins on centralized sites, whether it's exchange, lending etc that gives them a way to generate more coins i.e. staking. So even there are not altcoins, people would still call Bitcoin is scam when they lost their coins on centralized sites.

Lack of education and government are two big reasons that distract to Bitcoin adoption, not altcoins.