What effect does a growing number of altcoins have on Bitcoin - page 3.

Golftech

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Quote from: nurilham on June 07, 2021, 06:31:54 PM

I think the impacts of having many new altcoins won't be significant to Bitcoin. If there are many new altcoins, it will make the crypto industry be stronger. That's because there are supports from more parties in crypto industry. I don't see possible bad impacts if there will be more new altcoins, it is a good sign for Bitcoin's existence. More new altcoins mean more new crypto projects, and this is the indicator of better adoption of crypto in the world.

That's if those new project have additional support from newcomers and not also just relying with same

people around, it will help the industry from bringing new investors who will learn bitcoin and other available

project around the market, domino effects and it's healthier to every investors.

AakZaki

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Quote from: romero121 on June 07, 2021, 05:21:02 PM

With the increase in the Marketcap there won't be big disturbance through the existence of more altcoins. Maybe there'll be some change in accordance to the market situation on the dominance level. As every altcoin on the market is connected to bitcoin, a big effect won't happen unless potential altcoins like ethereum gains more real-time usage.

what you say is true and i agree with increasing the marketcap which will not interfere with bitcoin with more altcoins. Bitcoin dominance is still stronger than altcoins. except for altcoins that have the potential to rival the dominance of bitcoin such as Ethereum and several other altcoins.
but directly more altcoins will not interfere with Bitcoin, even more altcoins will make cryptocurrency grow well and many new projects will appear.

nurilham

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I think the impacts of having many new altcoins won't be significant to Bitcoin. If there are many new altcoins, it will make the crypto industry be stronger. That's because there are supports from more parties in crypto industry. I don't see possible bad impacts if there will be more new altcoins, it is a good sign for Bitcoin's existence. More new altcoins mean more new crypto projects, and this is the indicator of better adoption of crypto in the world.

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With the increase in the Marketcap there won't be big disturbance through the existence of more altcoins. Maybe there'll be some change in accordance to the market situation on the dominance level. As every altcoin on the market is connected to bitcoin, a big effect won't happen unless potential altcoins like ethereum gains more real-time usage.

seoincorporation

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Some altcoins have better features than bitcoin, some features like blocks each minute or smart contracts or low transaction fees are good for the cryptos environment. Is nice to have the option to change our bitcoin to dogecoins and only spend 1 doge as fees on transactions. And is cool to be able to change or Bitcoins to anonymous coins like zcash or monero and lose the track of our coins.

So, I think the effect is positive because altcoins give us the opportunity to do what we can't do with bitcoin.

Silberman

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Quote from: tiCeR on June 04, 2021, 05:23:32 PM

They offer speculation opportunities other than Bitcoin itself. There is nothing bad about it and actually, if you don't like or would like to minimize their impact on Bitcoin, ignore them! Wink

This is not as easy to solve as you state, most of those that prefer to invest in solid projects do in fact ignore altcoins however when a bunch of traders are using huge levels of leverage and then they begin to sell their coins this affects the price of bitcoin too, also when a person comes to this market and decides to invest in altcoins instead of bitcoin because it is too expensive and then losses his money and they decide to never come back to this market that is another effect those coins have on bitcoin and we cannot simply ignore it.

Oilacris

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Nothing..

They can create all they want no matter how many coins in the market it cant really just give out some effect to bitcoin because it would be still mainly depending on the support and demands of it which means if you do saw lots of alts but those things are mostly correlated with bitcoin trend or market situation.

Good thing with having lots of alts is having an option for you to diversify your investment but its up to your if you can handle out the risk involved.

Some people are afraid to deal with alts but with due proper research then its really worth to look upon.

tiCeR

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They offer speculation opportunities other than Bitcoin itself. There is nothing bad about it and actually, if you don't like or would like to minimize their impact on Bitcoin, ignore them! Wink

Gatorelf

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Quote from: Silberman on June 04, 2021, 03:24:34 PM

Quote from: Gatorelf on June 02, 2021, 04:09:45 AM

Japan was the first Government I believe to fully adopt the use of a crypto currency as "their own" in MONA. Its interesting that still today 99% of altcoins will still fall to the effects of BTC price and can not break out on their own trading patterns.

That would be surprising if altcoins were independent projects that were released on this market, but as we know most coins are nothing but bitcoin clones claiming to be better and it is almost impossible that an inferior copy is ever going to surpass the original, so it is not really that surprising that we see a huge correlation among bitcoin and altcoins, and as long as this is the case and altcoin developers do not really make an effort to create something different then we are going to continue to see this behavior playing out in the market.

right, they all just tweak the same tech and made a few changes here and there like Proof of Service with Helium and POS with others. However I believe they all still use a blockchain ledger

Silberman

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Quote from: Gatorelf on June 02, 2021, 04:09:45 AM

Japan was the first Government I believe to fully adopt the use of a crypto currency as "their own" in MONA. Its interesting that still today 99% of altcoins will still fall to the effects of BTC price and can not break out on their own trading patterns.

That would be surprising if altcoins were independent projects that were released on this market, but as we know most coins are nothing but bitcoin clones claiming to be better and it is almost impossible that an inferior copy is ever going to surpass the original, so it is not really that surprising that we see a huge correlation among bitcoin and altcoins, and as long as this is the case and altcoin developers do not really make an effort to create something different then we are going to continue to see this behavior playing out in the market.

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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?

Altcoins can't break bitcoin because bitcoin is not easy to reach. We can't stop a growing number of altcoin in crypto market because as the day goes by, many people always think a business inside crypto market in terms of tokens or digital currency which is the altcoins. We can't stop those who create altcoins because they know it was in demand. Many investors will invest no matter what the result is. In a growing number of altcoin in crypto market, the strongest wins.

Gatorelf

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Quote from: Golftech on June 01, 2021, 02:27:51 PM

Quote from: Silberman on June 01, 2021, 01:54:33 PM

Quote from: acener on May 29, 2021, 03:52:01 PM

I think theres no long term effect on Bitcoin at all,
Most of them couldn't be seen as competitors because most of them would just end up dead or worthless.
There are already tons of alt-coins I think the only effect it has is they bring new investors in crypto somehow.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

I see your point and it's already been done by China, creating their own versions of crypto then banning crypto

mining from their place to bring pressure to their people, alts as we know it, being created to support bitcoin

and offer different approach where they've think bitcoin is missing. But for those true crypto followers bitcoin

will continue to dominate this market.

Japan was the first Government I believe to fully adopt the use of a crypto currency as "their own" in MONA. Its interesting that still today 99% of altcoins will still fall to the effects of BTC price and can not break out on their own trading patterns.

wack slacker

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Altcoin projects are developed from technology solutions and cryptocurrency trends. Every year, we see different projects launch from trends from ICO, IEO, IDO, STO, NFT, DEFI… they help the crypto market maintain and replenish cash flow. I don't worry much about altcoin markets as they are always refreshed and purged. Some projects die, some evolve into TOP altcoins.

Exchanges are only listed on-demand and for profit, they disclaim all responsibility regarding the project. Even Bithumb has listed a scam coin called CBDAO because they get paid to do it. Binance lists Sushiswap to keep up with market trends. We should not blame them because that is the nature of the market, we can only choose the right project to invest in and hold.

Current projects are essentially FOMO, FUD, pump and dump. The final points are the money that will flow to Bitcoin. For example, there are fewer Bitcoins on exchanges and the Bitcoin domain that always rises first is a sign of a bull market.

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Quote from: Silberman on June 01, 2021, 01:54:33 PM

Quote from: acener on May 29, 2021, 03:52:01 PM

I think theres no long term effect on Bitcoin at all,
Most of them couldn't be seen as competitors because most of them would just end up dead or worthless.
There are already tons of alt-coins I think the only effect it has is they bring new investors in crypto somehow.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

That presumption is valid but not totally a main factor on why bitcoin does have that slow in progress which is actually i dont see that kind of way but rather on the opposite.

Alts might able to get some marketshare and creating one isnt something that can be stopped because there would be people would create much more better coin that bitcoin

but it isnt just enough since community support would be always the key here or main factor if we do consider which coin is the best.

Golftech

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Quote from: Silberman on June 01, 2021, 01:54:33 PM

Quote from: acener on May 29, 2021, 03:52:01 PM

I think theres no long term effect on Bitcoin at all,
Most of them couldn't be seen as competitors because most of them would just end up dead or worthless.
There are already tons of alt-coins I think the only effect it has is they bring new investors in crypto somehow.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

I see your point and it's already been done by China, creating their own versions of crypto then banning crypto

mining from their place to bring pressure to their people, alts as we know it, being created to support bitcoin

and offer different approach where they've think bitcoin is missing. But for those true crypto followers bitcoin

will continue to dominate this market.

Woodie

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Quote from: SFR10 on May 28, 2021, 01:14:17 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?

None and if there's any, it'll be quite insignificant; In reality, it's the other way around if you check how the market reacts to BTCitcoin ^{[look at the top 10 on CMC, almost similar behavior]}.

Top 10 you say, well If i can make a comparison between ethereum and bitcoin I have noticed that when bitcoin is bearish, ethereum tends to be bullish and we have seen this happen quite a number of times.

I guess strong coins don't wait for the bitcoin wave, another perfect example out of the top is dogecoin which needs no introduction.

Quote from: Nora Olin on May 31, 2021, 01:17:56 AM

Whether it will affect or replace Bitcoin depends on the development of altcoins. Bitcoin quietly accumulated a large amount of computing power in the early stages of its development.

Are you talking about bitcoin mining, or rather the coin that takes up more computing power can dethrone btc?. But what happens to those coins that don't need the kind of mining that btc has...

Silberman

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Quote from: acener on May 29, 2021, 03:52:01 PM

I think theres no long term effect on Bitcoin at all,
Most of them couldn't be seen as competitors because most of them would just end up dead or worthless.
There are already tons of alt-coins I think the only effect it has is they bring new investors in crypto somehow.

We all know that no altcoin can compete with bitcoin, however I really think altcoins have the effect of slowing down bitcoin and if anything I think they have been the main culprit that bitcoin is not widely adopted yet, after all governments are going to try the same tactic by creating their own coins and claiming their coins are better than bitcoin because those coins are going to have the government behind, so while over the long term most coins will disappear the effect they have over bitcoin is real for me.

wendy sy

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History has shown that in the end all the money that flows into altcoins during euphoric times is channelled into BTC when the euphoria cools down. Some of this money will exit into fiat and some will stay in btc marking a higher low. Altcoins are very high risk projects, 99% are scams and flawed by design, less than 1% maybe has some merit when it comes to innovation. Despite this they are ultimately not bad for btc, because remember when an altcoin fails the smart money flows into btc.

Aliceooo78

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I do think Bitcoin will get affected by altcoins, like what happened before when all sorts of shitcoins were everywhere. People transmit their money in Bitcoin to those coins and most of them get their money lost in altcoins...as far I'm concerned, some dominant altcoins, such as etc, eth, ltc, uni, dot, they do have influence on Bitcoin and their prices are highly related to Bitcoin. those who think Bitcoin is too high might choose those altcoins above for value investment. But shitcoins, they have negligible impact on Bitcoin coz ppl involved in them are almost gamblers dreaming about getting rich overnight, which is very risky and reasonable if they go zero.
valuable altcoins will spare the wealth which is supposed to put in Bitcoin, but that's not a bad thing Wink

Henrobakkara

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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?

I know that just like we have the shitcoins, we also have the shitty exchanges that will list anything that comes without taking into account their genuineness. Even so, I don't think this is a problem to the growth of Bitcoin and many of those Alts will naturally die off anyway.

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