Topic: Isn't Altcoin a distraction to Bitcoin adoption? - page 5. (Read 839 times)

IMO it is the opposite where Altcoins provide more space for bitcoin growth in the end. Even though sometimes there are some projects that actually make the image of crypto damaged because of some project schemes that are sometimes aggressive and seem to be fraud, in the end the presence of altcoins actually encourages bitcoin's growth to be greater.

We must be aware that everything that happens to bitcoin and all the comparisons they have must be a situation where the same project can be a comparison and we will not consider bitcoin good if in the end there is no altcoin as a comparison because however bitcoin will not be recognised that they are the king if there is no altcoin as a comparison so that in this case the presence of altcoin actually becomes a new force that makes bitcoin growth even better both in terms of value and our view of bitcoin itself.

I'd say YES because people have their choice and possible we know that Bitcoin is the most promising and useful project among cryptocurrencies. The slow adoption comes from the lack of trust and with the government issues (strict implementation), not because of altcoins.
Maybe, if you are talking about investment, it seems to be right that altcoins ruin the market reputation due to scam issues which make people think that investing in cryptocurrencies is too risky and high chance of losing. These things losing the interest of the people, plus the manipulating factor of FOMO and FUDs that certainly affect our mindset.

Well if you are of the wrong orientation then Bitcoin too can cause you losses because some many who also did invested in Bitcoin made the investment through wrong reasons and that's why they end up selling the Bitcoin especially when the price starts to dip and this is the basic cause of many failure too to altcoin investment. We all know that there is a major bull and dip season after this halving has past and believe alot of persons will still make mistake with their investment in Bitcoin.

In my opinion, it's probably a yes or no because no one would have known if Bitcoin adoption and value would have gone far beyond what it is now, we can only speculate on that. I don't think altcoins are a distraction to Bitcoin because everyone has the choice of which crypto asset they want to invest in. Despite the fact that there are many altcoins, Bitcoin still has the highest market cap. Some investors don't just like to have all their money on one coin, so even if Bitcoin were the only crypto, investors would still have their diversification on other assets so that they don't have all their investment only on Bitcoin. With the value of Bitcoin today and the rate of adoption, Bitcoin is not doing bad at all, despite the fact that it is not even 20 years old yet. But its value and adoption seem to have been existing for more than 50 years. 

I don't believe altcoin would be a distraction for Bitcoin adaptation. Bitcoin has become more popular due to altcoins. If there weren't altcoins, then how could we judge Bitcoin as the top and mother coin? Honestly, all the altcoins aren't just shitcoins. Like Ethereum doing very good after Bitcoin. So we can say altcoins are helping Bitcoin adapt. Nowadays, altcoin trading pairs have been adding Bitcoin; it does give more popularity to Bitcoin and prove as a mother coin. 

Adoptionwise it goes like this:

People wanna make money quick, find a project, get scammed.
Find another crypto project, get scammed a couple times more.
Then find bitcoin, learn about it, and have their heureka moment.
Once you truly understand bitcoin, you'll never wanna gamble with dogwifhat and luna again.

It's actually a healthy competition in terms of investments between Altcoins and Bitcoin but since when it comes to the word "distraction" based on my understanding I think it is for some factors like the prices, the chances of getting doubled the profit or more I some sort of personal preferences when it comes to our personal choice but sooner or later we can see Altcoin profits well then converted to Bitcoin so it's a win/win situation for both holders IMO.

I get what you're trying to say besides you've listed out the features of bitcoin including the ATH. We still have people like this in our society and I can relate with similar issue when it comes to the internet, for example people make use of the internet everyday for different purpose like scam, acquire knowledge etc. Even if a lot of people get scammed using the internet people will still make use of the internet regardless like you'll definitely see massive numbers of internet users. People who experience such situation like scam can still decide never to make use of the internet, you made mentioned of altcoins and bitcoin so I'm trying to understand with what I've seen. Mistaking both bitcoin and altcoins can be done by newly investors but there's always room for learning, if people with this impression can learn and differentiate both investment choice I see no problem. From the past to present bitcoin adoption keeps increasing and increasing. Altcoins can't distract the growth of bitcoin adoption as seen currently, if you actually feel bitcoin adoption rate is low then that's your opinion. The creation of different kinds of Altcoins will still increase so it's best we accept the fact

Distraction depends on people’s nature. Many people fall for these altcoins due to the quick returns they will get in short period of investment. But they are overlooking the fact that, with quick and huge profits, the risk associated is also very large. Hence, after they facing huge losses, they come back to Bitcoins only. On the other hand, there are some people who really know the importance of Bitcoins. Hence they always back the coins and do investment in it only.

Every good innovations always have other developments built around it. That doesn't mean that the those other developments built around it will hinder or overshadow the main innovation. I don't think altcoins are hindering bitcoin adoption. With the years bitcoin has stayed and the level of adoption it has gotten is still encouraging. Bitcoin is doing well on it's own. Bitcoin is something that came out and disrupted the traditional ways of doing things in the past, don't expect it to be accepted with open arms without facing some resistance and setbacks. These resistance and setbacks were what hindered the adoption of bitcoin and not altcoins. But despite that, I think bitcoin has continue to spread and adoption is increasing yearly.

No way, I don't think so. There was a need of Altcoin and if Bitcoin would have provided everything then no one would opt for Altcoin. I want to share some bitter pills like what would you have done in order to transfer smaller amount of there were no Altcoins? Would you have paid more transaction fee than the actual amount itself while transacting in Bitcoin ? Would you have always waited for long time for transaction with Bitcoin  had there been no Altcoin with lightening speed transfer speed.

Fact is that, bitcoin will not be the only crypto coin in the industry because, as bitcoin serves as an alternative to the fiat currency, so are altcoin aimed at serving as alternative to bitcoin.


What I see is that altcoin will only improve the scalabilty of the cryptocurrency industry so for that we are free to welcome coins that serves as an alternative to bitcoin.

I think that altcoins are an obstacle for bitcoin's adoption.

Here is my view. Bitcoin was a significant computing breakthrough in computer sciences to solve the “double-spending” problem in distributed systems. Real breakthrough ideas in computing are rare, I would say they happen once in a decade. 
Altcoins are mostly derived from Bitcoin's code, but with some changes or additions that claim to enhance its functionality or performance. However, most of these changes are either needless, untested, or harmful to the security and decentralization of the network.

Altcoins also create confusion and divert the attention and resources of others from the real innovation of Bitcoin. Instead of concentrating on the adoption and improvement of Bitcoin, which has the most reliable and proven network, altcoins mislead users and investors with false claims and hype, this is not my opinion, it is based on facts.

In software engineering, I appreciate the Layered architecture style (system is organized as a series of layers that are seen as stacked on one another like TCP/IP stack)  So rather than being sidetracked by the “new” get rich quick innovative yada yada yada blockchain.. people could work on projects higher up in the layer projects like LN, Nostr, BitVM, etc.

BTC>

I think the word popularity shouldn’t be used there because bitcoin on its own is already popular and sits alongside the general word cryptocurrency, if cryptocurrency is mentioned bitcoin is the next thing said close to it. The term to be used will be adoption, I think the adoption rate of bitcoin will maybe increase because many people wouldn’t jump into buying of this Altcoins. If you check the total market of cryptocurrency you will see that Altcoins take half of the which is still a large number if you ask me. Without them the market cap of bitcoin might increases.

But it still seems a bit tricky to say that people that invested in Altcoins today will have moved to bitcoin if they weren’t any altcoin because some will have totally opted out of cryptocurrency at large. If you look at how people treat this Altcoins you find out that it is treated as a get rich quick scheme and since they might know that bitcoin wouldn’t give them such feature they would rather not invest into it. So I will rather say the true bitcoin investors are already in bitcoin and altcoin isn’t like a distraction, only the few are distracted

Actually, not all altcoins follow the price movements of Bitcoin. There are plenty at any moment that have their own things going on. Those are often coins that have a relatively low market capitalization and are being pumped or dumped. If you want to look at them, you can sort coins on a website like Coingecko by price change over 24 hours and over 7 days.
As for altcoins being a distraction, I'm not so sure. On the one hand, I think that the vast majority of altcoins are just rubbish. On the other hand, I guess thinking about Bitcoin and altcoins in that context is a zero-sum mindset (one's loss is another one's gain and vice versa), whereas I'm more supportive of a positive-sum mindset (we can all have gains). I honestly don't think that Bitcoin would've been doing better if there were no altcoins.

maybe you're just making a vague statement here and aren't getting the point so well. I'm never trying to make any comparison between Bitcoin and any other altcoin cause in the first place thier isn't any comparison at all. Bitcoin had an ATH of $73k that's obviously 7× what any altcoin have ever attained and even the few ones that gained value over time all went up under the shades of Bitcoin. What I'm talking about is that because of the way the society mistake Bitcoin as just one of the cryptocurrency, whenever someone invest in an altcoin that fails with time, it somehow sends a wrong signal to the whole crypto ecosystem and you have different people that wouldn't even dream of investing into Bitcoin because they know someone that lost his investment in a shit project and thereby drawing the conclusion that Bitcoin is same as those altcoins. Some even make the mistake of holding on to altcoins that can't stand the test of time thinking that by so doing, they will be able have similar worth that comes from investing in Bitcoin.

It's never a shift of blame of any sort but just a statement of fact that altcoin in one way or the other is a distraction to Bitcoin adoption in some sense.

I sincerely don't believe cause people will always make their choice different from others, bitcoin adoption will increase with or without altcoins. Nowadays people still dislike bitcoin so if I'm not mistaken op is trying to say people who don't like bitcoin is as a result of altcoins. In the investing aspect investors choose to invest in both bitcoin and altcoins mostly bitcoin, let's be realistic bitcoin is the center of attraction and as a center of attraction bitcoin should not be compared with altcoins

When something is referred as a distraction just as op made mentioned of altcoins standing as a distraction it simply means altcoin is the center of attraction and I disagree. People who actually run after altcoins know the entanglement and benefit involved so I see no excuse blaming altcoin projects using the name of bitcoin, firstly bitcoin is a top choice, totally different from other altcoins. Bitcoin adoption is okay from my opinion and I don't understand why altcoins will stand as a distraction cause there's no distraction at the first place.

That's just your thought, the reality it's the other way around.

If they know Bitcoin, they invest it and they feel they didn't make a lot compared to altcoins, they will try to invest in altcoins.

If they now altcoins, they invest it, they will keep invest in altcoins because they like to flip their money.

People choose to invest in Bitcoin when they get scammed in altcoins or they listen to their so called financial advisor.

Of course it is a distraction and I don't know how so many people don't see it that way. If there were only bitcoin, the market cap and price would probably double, as the market cap of all altcoins is about $1.2T, the same as that of bitcoin.


Sure, that's why there's the tiny figure of $1.2T tucked into the altcoin market, isn't it?

To me, it sounds like you want to blame altcoins just because bitcoin adoption is not what you expected. It's like when you start a business but the business isn't what you expected and you start blaming the stores around you that are competing with you. That only shows your weakness and failure and only knows how to blame others instead of admitting your own fault.

For me, I don't see any influence or connection between altcoins and global bitcoin adoption. I think if bitcoin really meets people's needs and desires, they will choose bitcoin, but if it doesn't have what people need, it's understandable that it won't be popular. But I see that bitcoin adoption is progressing very well and quickly, not stagnant or slow like you think.