People will choose bitcoins more if the number of cryptocurrency option is less. - page 2.

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Quote from: Finestream on February 13, 2023, 04:45:15 PM

Quote from: bitmover on February 10, 2023, 02:57:34 PM

Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

Bitcoin is unique.

Those altcoins are 99% crappy, and the 1% that is better is not even similar to bitcoin.

Bitcoin is the only one that is permitionless, borderless and censorship-resistant.

And people need it, and they will chase it.
Not to invest and become rich, but to protect themselves and their property.

Bitcoin will always be the people’s choice. Even if there are less or more altcoins around, people would always chase for bitcoin. Altcoins are just an option to the existing bitcoin, and bitcoin will always be the center of the crypto investment because simply it is the blood of the whole crypto market. Without bitcoin, the whole crypto market may seem useless and boring, just my thought.

Having a lot of altcoins as the option for me personally ejecting bitcoin from the spotlight .. you know i'm a transaction man .. looking for the best coins fit my job well and bitcoin sometimes cannot facilitate that , so yeah if only there less altcoins ... people might have no choice but to choose bitcoin.

Just like what i did back in early 2013 .. not much altcoins available and i stick to bitcoin that time.

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Quote from: Finestream on February 13, 2023, 04:45:15 PM

Quote from: bitmover on February 10, 2023, 02:57:34 PM

Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

Bitcoin is unique.

Those altcoins are 99% crappy, and the 1% that is better is not even similar to bitcoin.

Bitcoin is the only one that is permitionless, borderless and censorship-resistant.

And people need it, and they will chase it.
Not to invest and become rich, but to protect themselves and their property.

Bitcoin will always be the people’s choice. Even if there are less or more altcoins around, people would always chase for bitcoin. Altcoins are just an option to the existing bitcoin, and bitcoin will always be the center of the crypto investment because simply it is the blood of the whole crypto market. Without bitcoin, the whole crypto market may seem useless and boring, just my thought.

Bitcoin will be the choice of the people. This doesn't mean people will have holdings in just bitcoin. People will be having bitcoin in a larger percentage against the altcoins. As stated the number of altcoins available in the market is just number as very limited number of altcoins were good at the market. There are people who prefer altcoins for the higher profitability, and those are high risk takers who prefer altcoins much more than bitcoin and such people are very low in number.

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To me i will simply say no, reason because they don't place any priority on what they want and to what they need as well. Let say for instance, You moved from your house to market to purchase some food stuff on getting to the market you became confused on what kinds of food stuff you wanna buy, this simply shows you are not yet hungry so you have to go back home and think properly if you are actually hungry or not.

So it is to people who want to invest in cryptocurrency today, if they placed value on bitcoin they would definitely go for bitcoin all less they are being influenced by friends and colleagues or possibly a wave of news concerning a particular altcoin, and do i say they don't know the benefits of bitcoin that is why they are finding it difficult to cast their net on bitcoin. Just as You and I knows the usefulness of bitcoin would you get confused on whether to hold it or not?
No! because they have poor knowledge and orientation concerning bitcoin.

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Whether the numbers of cryptocurrency option is high or less, that will not have a big effect on the market because if everyone invested in altcoins, then the market 8s nit going to move due to what triggers the market which is Bitcoin is not being patronized. In this condition, everyone will suffer it and we are going to continue being in the bear with sign of bull market.

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Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

I somehow disagree with your statement. Even if the world of cryptocurrency is been saturated with thousands to millions of cryptocurrencies, majority of the users has at least BTC to their portfolio. Not to mention, majority of their investments come from BTC.

The reason is due to its price, market share, and liquidity on the market. In addition, with the happening of forks on BTC, there will always be that chance of its price skyrocketing like what happened years and years ago.

When I first joined this forum, the price of 1 BTC = $4,000 and people were skeptical lf its price would increase. Now that its current price is ~$20,000, expect that this might be the next price floor to a more bigger price in the future.

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Quote from: bitmover on February 10, 2023, 02:57:34 PM

Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

Bitcoin is unique.

Those altcoins are 99% crappy, and the 1% that is better is not even similar to bitcoin.

Bitcoin is the only one that is permitionless, borderless and censorship-resistant.

And people need it, and they will chase it.
Not to invest and become rich, but to protect themselves and their property.

Bitcoin will always be the people’s choice. Even if there are less or more altcoins around, people would always chase for bitcoin. Altcoins are just an option to the existing bitcoin, and bitcoin will always be the center of the crypto investment because simply it is the blood of the whole crypto market. Without bitcoin, the whole crypto market may seem useless and boring, just my thought.

Casdinyard

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People will choose bitcoin more if they knew about bitcoin. That's basically it. Diversity in the cryptocurrency industry is very much needed, and is practically what keeps the industry alive. Without it, stagnation and a complete collapse of the system will follow suit. So whittling the choices down in favor of bitcoin is just going to cause more problems than benefits. Going back to my point, I concur that bitcoin will have a larger userbase if it was more suited to the general userbase of cryptocurrencies. That is if it was cheaper to transact with, faster, and more reliable, but we can't have our cake and eat it too, so we're stuck with a version of bitcoin that is better as a store of value than as a currency. Not saying that it is bad, but in the grand scheme of things, you couldn't really blame people for choosing other cryptocurrencies.

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Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

If you are a newbie investor, maybe that would be your way of thinking since you are not yet familiar with crypto market and has no real experience in crypto investing. But for veterans in crypto, regardless of how many altcoins that seem too good to be true, they will always chase for bitcoin and focus on it as their biggest investment. Because you know exactly how potential bitcoin is and how profitable it will be in the future, so you will never be tempted to invest in other crypto coins. Although diversification is good and advisable, but sticking to bitcoin is never bad if you really aim for a huge and maximum returns.

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Quote from: BALIK on February 13, 2023, 08:51:18 AM

What you are saying is like bitcoin is unreliable, bitcoin is on the same level as altcoins, and bitcoin is afraid of altcoins taking its place. Bitcoin is king, which means no matter how many altcoins are created, they will never be able to compare with bitcoin. Even if we have millions more altcoins but as long as bitcoin outperforms all, there is no reason to fear. Every environment has competition, and if we are really strong, then there is no need to fear those who are weaker than us.

I don’t think that’s the message the OP is trying to pass. Bitcoin isn’t on the same level as any alt coin and no alt coin has the capacity or potential to replace bitcoin.
The OP was talking about the possibility of having so many alt coins making it difficult and confusing for mostly newbies to make a decision on which coin to invest in. Bitcoin is bigger and better than all the other alt coins put together and can’t be comparable in any way. Presently, there isn’t any alt coin that is a threat to the dominance of bitcoin in the cryptocurrency space and I don’t see anyone coming close to bitcoin anytime soon.

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I do not believe that the number of cryptocurrencies is less, every day there are more cryptocurrencies that come and go, projects of all kinds go out and get investors, some projects are scams and they scam investors and those investors do not buy bitcoin because they think it is expensive , what some investors think is that buying cryptocurrencies that come out in less than 1 usd when they rise to 1 dollar or more they can do a lot, it is not bad, but it is a big risk, but they prefer to take those risks and hope that the project turn out great for them to win.

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Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

What you are saying is like bitcoin is unreliable, bitcoin is on the same level as altcoins, and bitcoin is afraid of altcoins taking its place. Bitcoin is king, which means no matter how many altcoins are created, they will never be able to compare with bitcoin. Even if we have millions more altcoins but as long as bitcoin outperforms all, there is no reason to fear. Every environment has competition, and if we are really strong, then there is no need to fear those who are weaker than us.

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Quote from: stompix on February 10, 2023, 04:18:16 PM

Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

Obviously!
If you have only two types of ice cream in the shop customers will for sure buy more of those brands than if you would have 100 different types.
The moment there are multiple coins in which to invest even if the majority would keep most of their investment tied to bitcoin they will still spend a few $ here and there on altcoins, so cutting down that supply would for sure drive more money into BTC

And there s another thing, some choose to invest in other tokens because they know that if they are lucky they will hit the jackpot, there is no way for BTC to get the same return as some of these tokens, for example, Shiba Inu went 46,000,000% in 2021, so some are thinking of selecting 100 coins, putting 1$ in one and if just one does the same they will earn far more than they could earn from BTC. At the same time, they could earn -100 Grin

, but that's another story. If those opportunities would not be there the 100$ would go to BTC or at least a part of it.

Though I wouldn't be surprised that those who create and sell shit coins use the money to funnel it into Bitcoin at least partially. All these shit coins that are created as BEP-20 and other token standards get deprived of their liquidity and then flow into other cryptos I would suppose.

It is still ending up in a net negative in terms of total investment as some of those who burn their fingers on shit coins might shy away from crypto altogether at least temporarily.

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Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

So, you say that monopoly is better then open market? When there are no choices but you have to use the product in specific niche, then you are forced to use it. Maybe not forced but you don't have a choice, so, you don't have other options and you may think that it's the best one. But that's not good, you need more products in specific niche because competitiveness increases the quality of product and decreases the price. In terms of cryptocurrencies, competitive market opens new possibilities. For instance, Ethereum, Cardano, Polkadot. They solve the problems that bitcoin can't solve.
So, if we remove many altcoins and leave bitcoin, users of previous coins may move on bitcoin but it doesn't mean that what we did is a good action.

This theme for me looks like people will choose Ask.Com if the option of search engines would be less, like, if there would be no Google or Bing or Yahoo, yeah, people would choose Ask.com but that doesn't mean we did something good for people.

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Quote from: Henrobakkara on February 13, 2023, 06:44:33 AM

Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

I don't agree, not really. The main reason people invest in other cryptocurrencies they invest in is mostly because they believe "profits are quicker in other Alts and investing in Bitcoin needs fund" Imagine investing $100 in Bitcoin or investing it in some other Alts and I don't mean like the real shitcoins, they might feel they are in a better position with Alts rather than Bitcoin with regards to available funds and ROI.

I also disagree with that thought, altcoins are really promising because it opens up opportunities for everyone, if there were only bitcoin, the market would be very boring and tasteless. Thanks to altcoins, the market is vibrant and there are many choices, many people also become rich by choosing the right altcoin. Bitcoin is safe today but not very profitable anymore, altcoin haters are the ones who are afraid to invest in altcoins.

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Quote from: Queentoshi on February 10, 2023, 02:42:57 PM

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

I don't agree, not really. The main reason people invest in other cryptocurrencies they invest in is mostly because they believe "profits are quicker in other Alts and investing in Bitcoin needs fund" Imagine investing $100 in Bitcoin or investing it in some other Alts and I don't mean like the real shitcoins, they might feel they are in a better position with Alts rather than Bitcoin with regards to available funds and ROI.

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Quote from: Fara Chan on February 13, 2023, 12:42:47 AM

But this does not happen to all Altcoins, I think only certain Altcoins can be used in situations to benefit from Altcoin Volatility, in general both choices between Bitcoin and Altcoins can be profitable, when the method used is wise.

Just the biggest difficulty arises when you need to find among the thousands of altcoins these specific altcoins that are able to make a profit without putting your funds at great risk.

And it is also worth considering how much more profit altcoins can bring compared to bitcoin and will this difference in profits, if any, be worth the risks that investments in altcoins entail?

There are a lot of altcoins, and of course, if there were fewer of them, then people would be more likely to pay attention to bitcoin, but I see that there are old-timers on the forum who don’t care how many altcoins there are and how many more new ones will appear, they don’t care and they buy only bitcoin.

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Quote from: Vaskiy on February 12, 2023, 06:16:17 PM

Lesser the choice available people will move towards the trusted one for investment and other needs. This is the fact, but the increased number of cryptocurrencies keeps the market highly competing. Being on open market we were able to see more concepts getting evolved out of these. Maybe they aren't successful, but some concepts are really good to be effective on different systematic needs.

That is the benefit of altcoins, the more competitive the market, the more the crypto industry will thrive. Along with that, investors like us have more choices and can diversify. Due to the fact that we are still in the early stages of the crypto revolution, incidents and scams are inevitable, and they are hurting a lot of investors but not because of that, we seek to prevent the development of this potential industry. My opinion is that the market needs altcoins to drive growth.

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Quote from: taufik123 on February 12, 2023, 09:06:45 AM

Quote from: Fara Chan on February 12, 2023, 08:34:47 AM

-snip-
Basically Bitcoin will still be the Main Investment, Bitcoin is a long term investment, Bitcoin is very unique, people will still chase it, Bitcoin will still be prioritized, used as a guideline for objects, assets, future assets. although there are many choices I don't think this is too serious in terms of choosing which one is better among them, except for beginners, but this is not a problem, they will ask if they really want to know and don't want to make mistakes.

Bitcoin remains the main one and altcoins will only be an alternative investment aimed at short-term investment.
Taking some advantage of the volatility of altcoins will also be a good choice, but with the caveat of not making a mistake in determining which altcoin to choose.

The advantage of Altcoin Volatility will be good when those who jump into Altcoins have sufficient material and insight so that they are able to make them compete with nothing to lose and understand the Altcoin concept in the sense that they understand at least from the Risks, many mistakes happen to them when they are unable to study Altcoins properly. well, from this point of view they will make mistakes either small or big so they don't get profits but instead lose on it.

But this does not happen to all Altcoins, I think only certain Altcoins can be used in situations to benefit from Altcoin Volatility, in general both choices between Bitcoin and Altcoins can be profitable, when the method used is wise.

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Lesser the choice available people will move towards the trusted one for investment and other needs. This is the fact, but the increased number of cryptocurrencies keeps the market highly competing. Being on open market we were able to see more concepts getting evolved out of these. Maybe they aren't successful, but some concepts are really good to be effective on different systematic needs.

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Quote from: savetheFORUM on February 12, 2023, 03:09:50 PM

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Yes, people will make BTC their choice because, of what they have heard or experienced from the past which will make them to continue to make BTC their choice. Investing in BTC is more comfortable to receive a passive incomes than others cryptocurrencies because, whenever the price of BTC start pumping other altcoins will start pumping too which is the advantage people will prefer to invest their money on BTC. It hard for those that bought BTC in a low price to miss their reward when the price pump higher in the market

That is if they are an old member but what if they are new in here? They don't have any experience yet but it's possible for them to hear talks about BTC on the news, social media or on their local community. They can also do their own investigations about it. That is how they decide if they will pick Bitcoin over any other coins. If other alts pumps too then why will someone only rely in bitcoin?

People or investors are in for a profit. So we won't be expecting all people will choose Bitcoin as an investment if they see another option to make them get more profit at the same level of risk. As a matter of fact, even with greater risk, people will still choose another option if it will give them higher earnings in the same length of time.

Quote from: savetheFORUM on February 12, 2023, 03:09:50 PM

I think better if you say that people should stick with BTC only because this coin can live for many more years but altcoins can die one by one. In fact many of them have already died and many are still on the waiting list. People should switch out asap before they regret it.

It should be but I don't think in an investors mind, that is not the case. Profit minded people will always choose the shortest possible venture that can give them higher yields.

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