People will choose bitcoins more if the number of cryptocurrency option is less. - page 4.

pawanjain

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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 am not sure about this because according to me its not the number of coins but the individual's bad choice that makes them not to invest in bitcoin.
Their lack of understanding the tech underneath the coin is what the major concern in investing.
There are 2 types of people who invest in bitcoin. One is who understand the tech and the other is who invest in majority.
The ones who don't invest in bitcoin and invest in altcoins are the ones who go behind quick money.
They take the risk in the trap of get rich quick. While some succeed by selecting well established altcoins others fail by falling for pump and dumps.

Mpamaegbu

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Yes, you're right that people will choose Bitcoin more if we had less cryptos on the market. However, that will somehow not broaden the market scope as we've it today. The more the merrier won't apply here if that happens and that's like limiting investors to a certain line of selection. I like the array of products there are in this industry as it affords investors the choice of a wider selection.

passwordnow

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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?

Even if there are various choices, many will still choose what's trusted and proven to be the strongest in the market. But I have to agree that if there's a lesser choice, there's no other way investors will go and will have to end up investing with bitcoin.
We can think of the early days when there are not that many choices for most investors and yet, those altcoins that soared before became a top choice by many investors and to this day, they're no longer popular and has lost that stardom that they've taken as a choice as an alternative for bitcoin.

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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?

Sorry but this sounds like the dumbest thing I have heard today. How do you survive going out in life then? Supermarket? Do you get confused which rice to buy, which bread, which drink, which vegetable and fruit? Do you prefer that every day you get a box with fixed items?

How do you choose friends? Or you prefer people make your choices for you and maybe your parents arrange your marriage?

You don't. You learn and you try and you educate, then you make good choices.

Why should it be diferrent for Bitcoin?

rhomelmabini

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Quote from: KennyR on February 10, 2023, 04:49:23 PM

Quote from: rhomelmabini on February 10, 2023, 04:44:52 PM

Not a Bitcoin maxi but aren't other altcoins needed considering it doesn't it doesn't cover the whole by Bitcoin? Yeah Bitcoin was likely the pioneer but I think other altcoins technology are needed as well these days. People will choose Bitcoin as if it was the basis of all but as humans, for sure it's best if there will be alternatives.

Having altcoins keep the market in high competence, though majority of the altcoins are useless with very limited altcoins to be worthy. The best part, when it comes to cryptocurrency evryone will have bitcoin as the primary holding. To that we can see different altcoins getting added. This itself shows people give importance to bitcoin and I'm sure even if there is less number of altcoins diversification will be almost the same.

Yeah, most altcoins are likely a redundant to another one so most of them are totally not needed. Having Bitcoin should be the purpose of you really want to stay for the longer game, it should be the basis of a cryptocurrency man. Even if there less number of altcoins I will consider to have Bitcoin with huge percentage in my portfolio.

DanWalker

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Quote from: Falconer on February 11, 2023, 02:32:06 AM

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?

OP, the growth of the cryptocurrency industry is inevitable and you cannot forbid developers from having their own projects and fiercely competing in the market. I don't care how many altcoin are traded in the market, the number is growing but bitcoin is still the first.

After all altcoin are altcoins, they are another alternative that traders or investors can take advantage of if they don't like bitcoin or whatever the reason is. So it shouldn't be strange to have thousand of altcoin listed on exchanges and it will continue to grow over time. More choice is basically the reason why the industry continues to thrive, while many of those altcoin projects end up failing and sinking. My stance on this situation, ignore more altcoin and focus on bitcoin.

Yes, it's development, and there's nothing we can do to stop it, but I don't think it's too bad either. More and more altcoins are being created, but none can last long or surpass bitcoin, that proves to everyone that bitcoin is always king, always the best choice in the market. As we have also seen, many people invest in altcoins, but it is only after a bear season that they gradually realize that bitcoin is the coin they should hold. Altcoins are raising the real value of bitcoin.

Accardo

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It's a totally different thing looking at the numerous amount of altcoins in the market, it proves that the market is decentralized and anybody can work on the network. So, if a person doesn't feel like adopting bitcoin they can hold on altcoin for their own risk. I don't think the altcoins are affecting bitcoin instead the failure of the altcoins are like a torn in the flesh of bitcoin. Therefore if those altcoins performs well in the market it won't be bad to have them. Take a look at Ethereum, Bch and ltc they've been around for longer times and not only that, they have led lots of investors to hold bitcoin. What we should expect is lots of quality altcoins example on netflix the movies they are all quality.

prithibiahmed

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It is not necessarily true that people will choose bitcoins more if the number of cryptocurrency options is less. The choice of a cryptocurrency depends on various factors such as security, decentralization, accessibility, and suitability for specific use cases. While a limited number of options may make the decision easier for some individuals, it may also limit the availability of other cryptocurrencies that better meet their needs or preferences.

In the cryptocurrency market, Bitcoin is widely recognized and has a strong brand reputation, which may make it a more attractive option even if there are other cryptocurrencies available. However, as the cryptocurrency market continues to grow and evolve, more options and alternatives are becoming available, and individuals may choose to invest in other cryptocurrencies based on their unique characteristics and benefits.

In conclusion, the choice of a cryptocurrency ultimately depends on individual preferences and needs, and the number of available options may not be the primary factor influencing this decision.

EarnOnVictor

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You have a valid point, there are too many alternatives to Bitcoin and many people opted for them because they tend to gain more from alts than BTC itself. No doubt, BTC is the number and the most relevant, but this does not count when it comes to trading and investments, people will go for the one that pays them the most.

Even with payments, there are many options that will complete your deals in under a minute and with a lower fee, unlike BTC. These are the reasons why people prefer the alternatives, and I agree with them unless you are a key ardent of BTC like me.

Iroh

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Well, I think it’s obvious that you would be a bit confused on which movie to select and watch since you didn’t log on the streaming platform with a particular movie in mind to watch. With so many genres and amazing options to choose from, anyone would take a while to choose a movie to see.

I think that also applies to the cryptocurrencies. When coming into the crypto space for the first time, you would obviously be confused as they’re a lot of coins out there. But if you have the knowledge of what you want to invest in, then there is no confusion as you know exactly what you’re looking for.
There are people that invest in alt coins to get some profit before the coin becomes obsolete. And they’re people that invest in alt coins cause they don’t know what they’re doing.

Like your movie analogy, people are confused cause they’re a lot of options to choose from. Very rational. That’s why people should always do their research and know exactly what coin they are about to invest in.

Falconer

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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?

OP, the growth of the cryptocurrency industry is inevitable and you cannot forbid developers from having their own projects and fiercely competing in the market. I don't care how many altcoin are traded in the market, the number is growing but bitcoin is still the first.

After all altcoin are altcoins, they are another alternative that traders or investors can take advantage of if they don't like bitcoin or whatever the reason is. So it shouldn't be strange to have thousand of altcoin listed on exchanges and it will continue to grow over time. More choice is basically the reason why the industry continues to thrive, while many of those altcoin projects end up failing and sinking. My stance on this situation, ignore more altcoin and focus on bitcoin.

Kakmakr

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Yes, but when you walk into a Supermarket, you are faced with the same thing... and what do you do? Well, you buy the things that you know and then you experiment with one or two new items every month.. until you find the products that you like.

Yes, there might be too many choices in Crypto currencies... but people just have to do a little bit of research to find the goods ones... and then experiment with some new ones to find more. Wink

aylabadia05

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

[snip]

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?

Still, people won't invest in Bitcoin if they don't want to find out about crypto investing even though there aren't many other cryptocurrency options.
But if they know and understand how to invest in crypto even though there are many types of currency options they will find out one by one the advantages and disadvantages so that their choice will fall on Bitcoin investment.

Like beer with so many types of names and prices, of course drinkers will choose the type of beer that suits their taste even though the price is expensive.

wxa7115

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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?

It is pointless to think about this as the number of coins will keep increasing, and even if each bear market buries thousands of coins they get replaced just as fast as they disappear once the bull market gets close.

Now it is true that when you are exposed to a lot of options you may have problems selecting just one of them, but once you realize those supposed options are not good then choosing bitcoin becomes extremely easy, so if we use your example even if there are a lot of movies to choose from it does not matter when only a few of them are any good.

crypticj

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I disagree. There are already thousands of sh*tcoins out there but because bitcoin is the best and the most unique one, everyone knows that it's better to buy it rather than altcoins. That's why all investors say that the best crypto portfolio should have >50% of btc in it.

xSkylarx

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Would you watch a movie if there was less feedback or if it had bad feedback rather than those most famous movies that people recommended? It is the same with cryptocurrency. What was people's favorite? Its Bitcoin. You have a point that people get confused, but only if they don't do research and just jump into the hype. That is why it is better to find what best suits you, and you feel that this is better than others. Research is the key to not being confused.

Solosanz

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Of course it will, this is why altcoins have indirect effect to make Bitcoin price become more cheaper or dump.

When many people get scammed due to scam shitcoin, they will blame the whole cryptocurrencies which is Bitcoin, it will cause a panic on the market, so the Bitcoin price will slightly decrease.

When there are a lot selection of cryptos and newbies doesn't know how to choose a good coin, they will confused and they might invest on a cheap shitcoin. If he choose Bitcoin, it will increase the demand and Bitcoin price would be more expensive.

ethereumhunter

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Maybe people will choose bitcoin to invest over altcoins. But the presence of altcoins can help them to be able to benefit in fiat or bitcoin. So maybe some people will continue to invest in altcoins because the profit potential can be greater than bitcoin. Besides that, the purchase price of altcoins may be lower than bitcoin, and the whales can move the altcoin price to get that profit while waiting for the bitcoin price to increase. But with the existence of many altcoins, this can provide an opportunity for people to choose the investment they want besides investing in bitcoin.

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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?

I mean if there isn't any other cryptocurrency alternative then obviously people would be flocking to bitcoin instead of trying to risk higher gains through alts. This shouldn't even be debatable in the slightest. But alas, scam coins appearing left and right is a guaranteed thing to happen due to the open-source nature of bitcoin and 99% of cryptocurrencies.

serjent05

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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 think people become confused when they lack information about certain things. I believe if people are well informed, they will not get confused between Bitcoin and other cryptocurrencies, no matter how many altcoins is there in the market.

Many people prefer to choose altcoins because of the thought of getting rich quickly. It is not because they have less information. but because they wanted to repeat what early Bitcoin investors achieved during its early years. So basically I don't think that people will choose to invest in Bitcoins if there are fewer cryptocurrencies.

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