Topic: Isn't Altcoin a distraction to Bitcoin adoption? - page 6. (Read 983 times)

If only bitcoin existed, its popularity could be higher than it is now. Numerous altcoins, which often attempt to reproduce or improve certain aspects of Bitcoin technology, can confuse or weaken the attention of potential users and investors. Thus, the presence of altcoins can be seen as a competing factor that may be hindering the introduction of Bitcoin, rather than supporting the cryptocurrency ecosystem as a whole.

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.

There is a unique nature in bitcoin which assuming there was no altcoins, people wouldn't have seen that uniqueness, and that is the decentralized system. Also these altcoins would not have survived assuming bitcoin does not exist. This is because most of them duplicated bitcoin for their own selfish purposes, and that is why you see that they keep it centralized so that the coin can be manipulated by the dev at anytime.

Nobody created any altcoin to solve financial problems and to also give financial freedom to man. Those potentials made the value of bitcoin start increasing, and altcoin dev jump into creating all sort of shitcoins, which was an eye opener to people that altcoins are used to scam people of their money due to pump and dump. After so many investors lost to altcoin, because they think that all cryptocurrency are the same. It was then they realized that bitcoin is different and can be trusted if you invest in it for a long term. Altcoin made bitcoin to be more popular.

I know you probably think that if we only had bitcoin it would be a good thing but actually there would still be some consequences that would make us, investors, suffer.

First of all without altcoins we would never be able to experiment with new technologies we can implement within the bitcoin system that could potentially save bitcoin from any failure problems.

Second without altcoins yes all eyes would be on bitcoin which you might think is a good thing but if there’s no any alternative then all investors would be cramped into bitcoin making the mempool as congested beyond your imagination.

And because we can’t successfully test out any scalability issue without risking damaging bitcoin by implementing it right away then we might never find the answer to the problem at all.

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.

The attention would definitely be focused primarily towards bitcoin only and we would finally prevent misinformation from spreading.

Although I doubt that there would be totally no misinformation left even without the presence of altcoins. I am sure that many people are still going to make the wrong choice and would lose some money into bitcoin and then complain that bitcoin is a scam.

ITs not, if you consider the entire cryptocurrency market cap and the value of the market cap for bitcoin alone from there, you will deduce the fact that bitcoin has been the mainstream digital currency and what people actually want to have, only few are investing on alts with certain amount they believed they can afford to lose, everyone into cryptocurrency today would have heard about bitcoin and invested before going into any other crypto, in which they would have understand what is at stake, bitcoin is decentralized while other altcoins are mostly centralized.

No, I don't think so, I would rather say that altcoins have helped the adoption level of Bitcoin greatly because if there were no altcoins at all, it would take more time for Bitcoin to spread around and it is altcoins that make Bitcoin look better because people compare altcoins with each other and also with Bitcoin, and when they find out which one is the best, which is Bitcoin, of course, they become more interested in Bitcoin after that.

One more significant thing that altcoins have done is that their teams and creators promote their coins and tokens which in return makes people investing in their projects turn back to Bitcoin eventually because once they get in the industry, they start looking here and there and doing their research, and their final destination becomes Bitcoin. So altcoins indirectly have supported the adoption of Bitcoin.

People will not be exposed to altcoins if Bitcoin does not have a bull run, make noise and trigger a cryptocurrency market bull run. Altcoins depend on Bitcoin but because they are very scam, people who are firstly exposed to altcoins, invest in altcoins and lose money through altcoins, will not have good thinking about this market.

They will have wrong thinking about Bitcoin and think it is a scam but they must learn to differentiate between Bitcoin and altcoins. We can not stop altcoins and investors must prepare their knowledge to avoid scam in altcoins. Bitcoin has nothing to do with altcoins and what investors do.

Altcoins can not stop Bitcoin adoption growth, never can do it.

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?