Topic: Isn't Altcoin a distraction to Bitcoin adoption? - page 4. (Read 983 times)

That is the most decieving thoughts of some investors, thanking altcoins or the entire cryptocurrency as a quick profits scheme, and most of those teams already understood such investors thought's that is why their develop loads of coins all for just short terms base and only market forces becomes the hypes and baseless promises of huge returns.


That the reasons why many of those coins have failed to perform, such in a way that only the developer (Dev) gains for such a project and all investors will lose if the failed to pull out they money on time.

I am of the opinion that, had it been that Bitcoin was the only cryptocurrency, it would have been harder to gain even up to the number of investors it has now, because the risk of it crashing would have been way higher, the blockchain would have been used for other projects that may be too advanced for many humans and the cases it would have battled from government would have probably discouraged even the brains behind the BTC idea to pack up shop and disappear.


The competitive environment that the Blockchain network has enabled for crypto currencies to thrive on, has more than made people have a better perspective on why Bitcoin is, and remains the best crypto currency among others, upon a conclusive research.

I believe the adoption rate of bitcoin is not that high because aside that majority are still clueless about it, the government itself is not even supporting bitcoin and continue to discourage the people not to fall on its trap. So it’s not those altcoins that are distracting bitcoin adoption, but it’s more on the people’s perception towards bitcoin.

However, with the help of social media, the people are now slowly grasping the idea of bitcoin with the help of crypto influencers. Unfortunately, majority of these crypto influencers are feeding the wrong information instead of educating the people and open their eyes to the reality of bitcoin.

Actually, I don't see it that way. I'm quite aware that there are good altcoins but if Bitcoin was the only cryptocurrency there won't be any scam and perhaps the adoption would have increase. Some persons who got introduced into the space invested in the wrong projects and after getting punched in the face, I believe such persons would convince anyone that comes his or her way not to invest in Bitcoin because he would think bitcoin is also a scam. It's just few of them that after such sad experiences would go back, research and get onboard.

The straight answer is a no. Altcoins does not stop Bitcoin adoption in anyway and I believe Bitcoin adoption is not matured yet as the process is ongoing and will eventually happen. We must appreciate the progress Bitcoin have made so far such as the ETF approval, Bitcoin being listed in NY Stock exchange and not forgetting the widespread acceptance that Bitcoin is enjoying now. It is a matter of time before Bitcoin is finally adopted in the mainstream meanwhile altcoins does not have a part to play in all these.

It was not the altcoin or Bitcoin but what makes the adoption slower than what we expect is that many are still innocent and uneducated. We can't urge people to adopt when in the first place, they don't have the right knowledge about cryptocurrency in general. We can't influence them to use crypto when they don't know how to use them. In fact, even just a simple investing (buy and sell), they still commit mistakes and fall into scammers.

That is why adoption will take time to develop because trust can't be instantly acquired when doubts and innocence are in our minds.

It's practical true that bitcoin has created an easy flow of recognitions and adoptions of all cryptocoins with the fact that it's the first invented cryptocurrency and has also had great and transparent projected potentials which the AltCoins has emerged to be imitated.
Obviously these AltCoins has been indefinite to meet up with an equal potentials such as the bitcoin could posses but unfortunate that some individuals who're unknowledge in differentiating between bitcoins and AltCoins are chances to have their funds invested on the AltCoins with an intention of Investing on bitcoin.
So right there I'd agree with you Op that on the other way that has been a distraction to bitcoin surging to a greater volume of adoption.
But on a Contrary Op, I'd tell you that the series of challenges which the AltCoins has caused to bitcoin really brought about competitions in the crypto industries which has also contributed to the wider spread awareness of crypto currencies due to their miners and developers in both speculations and hypes based on their individuals.
The series of competitions has actually made investors to understand that bitcoin is the right crytop currency which one can reliably invest their funds on.
And you must remember that where there's much competitions would also attract more attentions of the people in the society.
So, the nature of numerous AltCoins in speculations is also taking along the awareness of bitcoin which World of today is based on research and everyone so much believes on the first technology among other similar ones to be the authentic modern development. For that as it stance, AltCoins is also promoting the adoption of bitcoin in some certain estimate.

Bitcoin is the original, altcoins are alternative solutions to the problem that people think that bitcoin can't solve or can be solved differently. The existence of altcoin is good because it offers decentralization in cryptocurrencies. By having altcoins, cryptocurrency users are not forced to use only Bitcoin, we have different options with their pros and cons. I personally think that it doesn't affect Bitcoin's adoption.

If we speak about pure P2P interaction, then we shouldn't blame coin's price pump and dump. If P2P transactions matter for you, don't invest, just buy a coin when you want to make P2P transaction.
When Bitcoin transaction fee is some dollars and the altcoin transaction fee is almost 0 cents, you can't blame altcoins for low Bitcoin adoption.

Tell that to users of centralized exchanges with mandatory KYC verification, who voluntarily agree to the presence of these intermediaries who cooperate with regulators.

There are also plenty of people with negative experience of investing in BTC and there can be many reasons for this, but most often it’s the investor himself who failed to use this financial instrument in a way beneficial to himself.

Now we have not only one bitcoin, but thousands of unnecessary shitcoins (which will multiply). That's how it happened.

In part, this is exactly what happens, because shitcoins take over part of the BTC capitalization, which gets stuck in useless projects and fraudulent owners.

That is the price of freedom, don't many people want to be free, to not be controlled? Everyone wants to avoid taxes, everyone doesn't want to be managed by the government, but when they are cheated, they always want the government to protect them, LOL. What's even more ridiculous is that many greedy people, despite the risks, invest in projects that promise high profits and then get scammed, but never admit their mistakes and blame those projects is a scam. Why don't you ask them, if they are not greedy and do not participate in those projects, who can scam them?

Many people lack knowledge, invest in bitcoin and lose money, then they call bitcoin a scam. So do you think it's their fault or bitcoin's fault?

First of all, we know that altcoins and meme coins respects the activities of Bitcoin in the crypto market but it is not all because there are some times when Bitcoin becomes all green (increases ) but some other altcoins and meme coins becomes reddish (decreases) so bitcoin is independent on it's own and most of the time, it influences the outcome of other coin but there are some altcoins that are not influenced by Bitcoin.

Altcoins didn't reduce adoption of Bitcoin in any way because if you check carefully, how many altcoins apart from ETH that has been in major competition with Bitcoin yet Bitcoin still remains the top cryptocurrency for a very long time now, so you can see that the presence of altcoins didn't affect adoption of Bitcoin at all.

In every project, there most be competitors so this competitors literally gives more recognition to the one that is superior because investors like making comparison to know the right cryptocurrency to invest in so when they invest in altcoins and Bitcoins, they dual the difference and know that Bitcoin is more reliable perhaps they give it more value and invest more on it that is why the value increases and the price begins to skyrocket.

Bitcoin would not have had much value if not for altcoins and moreover, every one cannot invest in same project that is why we have altcoins.

No no, not are all like I said previously, the introduction of altcoins is what gave Bitcoin more hype and increase in it's adoption because when you compare Bitcoin and altcoins more especially the volatility of Bitcoin attracts more investors to it.

"Isn't Apple a distraction to Microsoft Windows adoption?"

"Isn't Unix a distraction to IBM mainframe adoption?"

"Isn't Bitcoin a distraction to PayPal adoption?"

I could go on and on. Imagining the current top dog in technology is going to stay that way "forever" is the height of foolishness.

And if you want to make +20% on your investment in the next few years, then maybe Bitcoin could do it. If you want to make 10x or 100x on an investment, it will need to be a new technology that most people don't consider mainstream yet. There's room for both.

True, if the first thing that will be accepted and adopted that is bitcoin because that is the first and the most powerful and trusted crypto currency right now in the market, yes there is some altcoins that is also trusted like ETH and etc but the thing is there will be no altcoins if bitcoin doesn't exist, so I think altcoins nothing to do with the adaptation and acceptation of bitcoin, in fact altcoins are a very good alternative in order to earn especially those who doesn't have enough funds or money to start with bitcoin, with airdrops that is being hosted by different altcoins a person could earn from it, so I think altcoins is also a good crypto currency in a sense that it can be an alternative to bitcoin, but also do mind the risk of altcoin as you might stumble to a scam or a not trusted altcoins.

I think if we had only Bitcoin, it would have probably sank or crashed by now, no matter how promising it was at the beginning.
One reason it has survived this long and is still growing despite the cases against it, and among the back drop of other things that has happened till date is that, another Crypto currency will take its place and function on the decentralized network as well, incase the government had decided to  shut it down and despite any much effort from people who don't want Bitcoin to thrive, while thinking that the idea of crypto currency is only limited to Bitcoin.

I also think that altcoins do more to publicize cryptocurrency and also indirectly help to announce the success of Bitcoin as the first and leading cryptocurrency in the world.
It's called Altcoin because, it is an alternative to the original idea of Crypto currency, just as the name sounds.

Do you know a lot of stores that accept altcoins but not BTC? Because I don't, if someone accepts crypto payments, it's Bitcoin first and altcoins second. And I'm pretty sure that if the merchants that accept crypto published statistics of transction volumes, Bitcoin would be on the first place.

So really altcoins only take a small share of Bitcoin's adoption. Their main use case is high risk speculative trading, not being used as a money or a store of value.

I love both BTC and altcoins, I think both are important for the development of the crypto market and blockchain technology.

Thanks to altcoins, new technologies are being applied and people are more interested in blockchain, which in turn leads to them learning about crypto and BTC.

Thanks to memecoins, the investment field has become more fun and approachable, which in turn has brought us millions of potential crypto investors.

Thanks to altseason, the crypto market has become more vibrant and promising, which in turn has led to BTC being more considered and accepted by large companies or corporations.

Altcoins are a necessary addition to the crypto market and they also help to make BTC's price rally more sustainable as money can flow multiple times between BTC and altcoins instead of creating a bubble and then quickly collapsing each season.

Some Altcoins have been invented to try to make a better Bitcoin.  But the Altcoins which ACTUALLY try to do something better are extremely few.  The rest, which is probably over 99.9 percent of them, are Shit Coins created strictly for profits, Pump and Dump schemes, Scams et cetera.  They are created for business or fraud.

Of course.  Altcoins are kind of a distraction to the Bitcoin adoption if you will.  Many people purchase Altcoins because 'they can not afford a Bitcoin' or other stupid reasons such as trying to get Rich quickly.  So they end up purchasing a Shit Coin, getting scammed big time, the Scammer will probably lose their money at some point too and there goes exactly nothing.

The more Shit Coins rose, the less percentage of adoption Bitcoin had.  Which clearly shows the same thing.  Bitcoin is often losing significant 'power' to Shit Coins that should not even exist in the first place.  And by 'power' I mean money that could of been in the actual Cryptocurrency that is legitimate and shows an amazing history too.  Bitcoin.

But you can try to convince every body about it, it is going to be in vain.  These fools will continue to invest significant money into what later turns out to be a big Scam.  They never learn their lesson.  OP, you seem to be woken up to reality.  Awesome.  Keep investing in Bitcoin and by the time MANY more people realize this, you will be a thousand steps ahead of them already and you will be riding the waves.

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.

Nope its not, its better to have it rather than on nothing at all.  

Also, there's no way that you could really be able to stop into those developers that would really be creating out some new projects which would really be surpassing Bitcoin
and this is why its not really shocking that they will really be having that kind of pursue that they should really be making something more better.

It might really be able to share or get a portion of overall market dominance but still it is something inevitable that new projects would really be emerging in the market.
The good thing on here is that Bitcoin would really be that still sitting in the top of the ranking as this one would really be getting more demand in compared
into those projects or altcoins in the market.

This time around, so many investors are looking for any small investment that can give them an impressive profit and many other investors are also looking for a short term investment that can give them a very quick profit. Altcoins stands as a window for those investors in search of quick profit, since Bitcoin doesn't stand the chance to give them a very short term profit as per their demand, they fine altcoins as their alternative. It doesn't even seem good in my eyes to have only had Bitcoin as the only crypto. Investors need to lose their money in crypto to attract more attention to the industry and altcoins is making it possible for investors to loss money and at the end, they switch from altcoins to Bitcoin.