What effect does a growing number of altcoins have on Bitcoin

savetheFORUM

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Quote from: Woodie on May 27, 2021, 02:27:40 PM

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

Mostly peoples invest in altcoins because they feel they have some quick profit from these as early adaptors and these are giving good return to them with developers also having some good with they are going out of market, but it's not hurting bitcoin because it's already leader and have some good faith from big community.

Altcoins having no effect on bitcoin market but supporting for cause of reaching magic figure of $100K in near future because now NFT and Defi is also bringing good number of investors which is good for this all.

conected

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Quote from: Dhoe on September 03, 2021, 10:18:36 PM

what is the effect of increasing the number of altcoins on bitcoin,,I don't think there will be any effect,Overall, people can see Bitcoin as a less risky and more secure investment option. Meanwhile, altcoins (at least for the most part) fall into the ‘gambling’ category. New altcoins are usually very risky, especially when their market cap is low.

- Well, the fluency of your comment coincidentally explains the wonder of how altcoins affect bitcoin as it recruits new warriors, one thing exactly we can see is long lines of people were kept waiting in line to wait for a bitcoin purchase, its reliability is much better than the number of other gambling altcoins, the implication for the increased number is just to mark the importance of bitcoin to the crypto market, crypto can mass produce similar positions but the first code is still indestructible.

Dhoe

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what is the effect of increasing the number of altcoins on bitcoin,,I don't think there will be any effect,Overall, people can see Bitcoin as a less risky and more secure investment option. Meanwhile, altcoins (at least for the most part) fall into the ‘gambling’ category. New altcoins are usually very risky, especially when their market cap is low.

(o)(o)ilikeboobs(o)(o)

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There are more and more altcoin projects, and many of them have a large-cap adoption environment. In fact, they are gradually taking over the majority of Domain BTC.D. It is a good sign as the crypto market is growing and becoming more decentralized. Bitcoin won't be as large as it was 10 years ago, when it accounted for 99% of the total cryptocurrency market capitalization. I think that no matter how many altcoins there are, it will not affect Bitcoin much.

Wakate

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Quote from: Barry Mantle on May 30, 2021, 10:47:12 PM

Most of these altcoins are upgraded on the basis of Bitcoin. The foundation is from Bitcoin, so I think it is difficult for other altcoins to surpass Bitcoin unless their founders have something new, from history. Look, almost every time Bitcoin rises, many altcoins also rise, but when Bitcoin falls sharply, no altcoin is immune, so they cannot affect Bitcoin, but Bitcoin The currency is guiding and influencing them.

Bitcoin as we know is the major crypto coin that have existed for long and have gotten the heart of many investors to have believe in Bitcoin which have triggered the so call altcoins that are coming out of the market now. I don't think there would be any effect if the market is full of plenty of altcoins which will also contribute to the market cap of crypto making it gigantic and substantial for anyone to select from.

Since every cryptocurrency are attached to the movement of Bitcoin, then I don't think there is any way altcoins could surpass the price of Bitcoin which is impossible for me to think of. I have seen coin which was pumped up to $40k but still fell after it was pumped which is why it is rare for any altcoin to compete with Bitcoin.

thayes09

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In this market, the value of BTC is almost absolute, and it is a belief for the market that when the price of BTC goes up, it will lead to a series of altcoins increasing in price and vice versa, when the price of BTC drops suddenly it will cause altcoins plummeting, all relations of BTC and altcoins are a resonance for the crypto market only.

Suharti12

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A lot of Altcoins growing is good, because this is proof that Cryptocurrency continues to develop. And this will also have a positive impact on Bitcoin, because the increasingly popular Cryptocurrency will make Bitcoin even more popular because Bitcoin is the first Cryptocurrency to be recognized by the public. The demand for Bitcoin will increase and this will make the price of Bitcoin higher.

laurenB7742

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Quote from: Woodie on May 27, 2021, 02:27:40 PM

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?
Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

If thousands of Altcoin projects have appeared in the market, I don't think there will be any loss of Bitcoin. Bitcoin is the most trusted and the altcoin that has been forked from Bitcoin is not even close to the value of Bitcoin. Bitcoin has always been dominated by the market, Investors will never let Altcoin dominate over Bitcoin. People know the name of Blockchain and altcoin because of Bitcoin so it is never possible for Altcoin to surpass or overtake Bitcoin.

ILuckyGuyI

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The growing number of altcoins can't end Bitcoin in the future. It is not the number which is the most important thing. It is the quality of a project what matters. Now, we have around 11.6k cryptocurrencies in the market. More than 90% of them are useless, it is a true story. The best projects are in the minority but not all of them have the capability of dethroning Bitcoin in the future also.

BITCOIN4X

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Altcoins will not be able to kill bitcoin's dominance in the market. Thousands of altcoins do not even have the same uses as bitcoin as a means of payment, although some of them exist but are not as good and frequent as bitcoin. Bitcoin is dominated by many large investors who believe it to be the most profitable investment asset in the long term.

Altcoins are the second choice to diversify their assets to maximize profit. In the long term, I have seen altcoin not being able to influence the price of bitcoin and that is proof that bitcoin is a standalone asset without being influenced by the thousands of altcoin that are constantly vying for a place in the hearts of traders and investors.

uneng

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Quote from: stomachgrowls on September 03, 2021, 02:30:51 PM

Number of altcoins did sure give somehow some effect but not a major thing to Bitcoin.It could move on its own as long there would be some demand.They do have different markets since people get involved
with this investment does have choices which one of the two or having both.

Since altcoins belong to different markets, some of them can help bitcoin becoming more popular by migrating the public of one niche to another.
I can mention NFTs as example. Many NFTs belong to the gaming market, which doesn't have its public focused in bitcoin. But through the adoption of NFT games, that is the main interest of this public, they can be also introduced to bitcoin from that moment on.

I've seen it happening already: people who had no knowledge or curiosity for bitcoin, however after they got involved with blockchain games they developed interest for that. That is why I think we could say altcoins have a positive impact on bitcoin.

stomachgrowls

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Quote from: Questat on July 08, 2021, 06:46:13 AM

Quote from: Woodie on May 27, 2021, 02:27:40 PM

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

What I could say is that it doesn't matter how many altcoins will be created as it never affects the market trend of Bitcoin and I know that Bitcoin will go to the moon in no specific time frame. It is not game-changing I think because investors had already known what particular coin they will invest and they surely don't bother themselves to waste their time looking for nonsense projects. Because at the end of the day, they will still choose Bitcoin over the others.

There would be always smart investors and there are some which do only invest neither they've dragged with the hype or been suggested by someone which would really result on why there are people who do really
invest on coins which are obviously trash and ending up on caught up themselves when it dumped forever.

Number of altcoins did sure give somehow some effect but not a major thing to Bitcoin.It could move on its own as long there would be some demand.They do have different markets since people get involved
with this investment does have choices which one of the two or having both.

So i dont see for this to be an issue or wouldnt mind off.

dupee419

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The majority of the altcoins follow along with the movement of Bitcoin in the market, but I do consider these altcoins valuable, of course, the devs have to supply themselves and the team regarding to that specific altcoin, although it may seem like a threat, I don't think we should worry since most of the altcoins rely on Bitcoin's movement in the market.

Arvin01

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More and more altcoins prove the success of Bitcoin.
If it were not for the success of Bitcoin, there would not be so many altcoins.
There are also many altcoins that are developing very well like Bitcoin.
Among so many coins, Bitcoin is still king.
Technology is constantly updated and developed. There may be better technologies to replace Bitcoin. This is the future.
This time period is still dominated by Bitcoin. Other altcoins still depend on the development of Bitcoin.

Kong Hey Pakboy

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Nothing in my opinion, most of them just coincidentally goes up with bitcoin because some people told some people and those people told some people and so on. In my opinion, it's actually bitcoin causes the altcoins to grow because when the prices are high, not everyone can afford bitcoin so they go for the alternative.

Ozero

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Quote from: Liamttw on July 13, 2021, 01:04:22 AM

Altcoins will not have a big impact on Bitcoin. Bitcoin is relatively long, has withstood the test of time, and the technology is relatively perfect. It has also accumulated a large amount of computing power in the early stage of development, and it is difficult to be attacked by 51%. As the dominant position of Bitcoin as a cryptocurrency, people have a strong recognition and consensus on it, and its future development potential is also great.

However, it cannot be denied that altcoins are growing and developing, and not only quantitatively, but also qualitatively. Using the example of DeFi and NFT, we can see that they are pulling off capital investments and therefore the level of dominance of Bitcoin is gradually decreasing. However, this does not directly affect him as the leader of the cryptocurrency. But in general, altcoins have a controversial impact on bitcoin. The role of cryptocurrency and its prevalence in the world is growing, including in many respects due to altcoins.

marilynmanson21

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the more altcoin on the market can have positive and negative effects for bitcoin itself
, the positive side: if one altcoin uses btc payments and the project is useful in the future it can make the value of bitcoin rise because the altcoin project provides benefits for its users and the bitcoin name becomes famous.
negative side: if many altcoin projects are fraudulent, it will give a bad image to bitcoin and can reduce public confidence in bitcoin itself

numberslacey

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Most of the Alt coins are derived from the algorithms used in bitcoin’s blockchain and with studies coming out most of them are being regarded as more energy efficient and take even lesser time to process. Which is why there is a big possibility that the introduction of more altcoins will affect the demand of bitcoin

Liamttw

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Altcoins will not have a big impact on Bitcoin. Bitcoin is relatively long, has withstood the test of time, and the technology is relatively perfect. It has also accumulated a large amount of computing power in the early stage of development, and it is difficult to be attacked by 51%. As the dominant position of Bitcoin as a cryptocurrency, people have a strong recognition and consensus on it, and its future development potential is also great.

samsul1234

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Quote from: Woodie on May 27, 2021, 02:27:40 PM

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

hello sir, i think what might be very influential most of the companies might be for their personal interests, but i see shitcoin or the current project is not affecting the selling price of bitcoin, bitcoin will not be affected sideways, bitcoin is still standing in front, which affects the price selling bitcoin is bad news about bitcoin bitcoin

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