Topic: What effect does a growing number of altcoins have on Bitcoin - page 4. (Read 984 times)

The technology that goes behind Alt-coins is generally experimental with claims about TPS, finality etc. The reality is that none of those claims make sense when the consensus is based on a centralized, unfair distributions.

A cryptocurrency that gives equal chance to everyone interested from the outset is a difficult thing. This prevents the network effect of honest, early users from kicking in. This will remain true for all future cryptos. IMO, There really cannot be another Bitcoin without finishing off Bitcoin which would mean the finishing off of the whole space. I don't think anybody is willing to do that.

The growth in number of Alt-coins by themselves was not quite such a big issue till recently. Most of them used to launch and struggled to gain a community. The problem has worsened since centralized exchanges like Binance started backing projects and then every OTHER exchange followed.

Then came the idea of having separate launchpad projects and now there are multiple "launchpads" that churn out projects every week. Couple this with launchpads on multiple chains and you will realize that the sheer number of these projects has become ridiculous. This takes away a lot of attention from the better, truly innovative projects. The Alt-coin space is meant to be an extension of Bitcoin such that the innovations and communities gained there contribute back to the adoption and understanding of Bitcoin as the sound money. Unfortunately, there are too many isolated communities, chains and projects with no seeming end to this fragmentation. This isn't really good for Bitcoin or the whole crypto space and may already have hurt Bitcoin.

Like, DOGE was a joke right. Guess not. It has ended up as another opposing camp to Bitcoin.

That is why the emergence of a large number of altcoins, and with the best functional indicators, strongly distract investors' funds and therefore the level of capitalization and dominance of bitcoin is falling. It is still difficult to say what this may lead to, but in any case it is not in his favor. Even if we take into account that 80 percent of all altcoins are useless, the process of their development is still going on, and at a fairly rapid pace.

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.

Altcoins will continue to develop. In the end, Bitcoin may not be the only virtual currency that monopolizes the market. More mature virtual currencies will be recognized by everyone.
For a particular virtual currency, the people who recognize its value and the total computing power participating in the coin mining jointly determine its credibility.

I think the biggest crisis of Bitcoin currently comes from altcoins such as Litecoin. Because the open source nature of Bitcoin itself does not guarantee that it has any technical advantages over other altcoins, the current altcoins will emerge in endlessly. Bitcoin itself will not be overissued, but because it has no technical advantage over other altcoins, as long as an altcoin appears, it is equivalent to an overissue of Bitcoin. When people find that the price of Bitcoin is higher than the psychological price, they will switch to buying other currencies. After all, they are all the same algorithm and the same idea.

My opinion is that the quantity of altcoins doesn't matter,since most of them are shitcoins anyway.
What's the difference between having 100 or 1000 shitcoins listed on cryptocurrency exchange paltforms?
Having more shitcoins doesn't add any value.It doesn't improve competition.It doesn't improve blockchain technology as well.
Having lots of pump&dump shitcoins simply damages the reputation of the cryptocurrency markets,because a lot of newbie traders will fall into pump&dump schemes and lose their money.
Maybe some day,one altcoin will dethrone Bitcoin,but I just don't see any serious competition against BTC in the short term.

I think altcoins will affect Bitcoin. Bitcoin's program code is public, so someone keeps modifying the program to create a new digital currency, which is what we call altcoins. With the passage of time and practice, the shortcomings of Bitcoin will gradually emerge, and many altcoins will consciously make some improvements and innovations in these areas. When altcoins become more and more perfect, of course, more people choose altcoins instead of Bitcoin, which will directly affect Bitcoin.

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.

I think the so-called altcoins will continue to develop. In the end: 1. Bitcoin will not be the only virtual currency that has a monopoly. More mature virtual currencies that are not vulnerable to 51% attacks are recognized by everyone. 2. For a particular virtual currency, the people who recognize its value and the total computing power participating in the coin mining jointly determine its credibility. 3. Between different virtual currencies, there will be "exchange rates", and everything that happens on physical currencies will also occur on virtual currencies. 4. Due to the initial 51% attack problem, there will not be many virtual currencies that survive.

I think there is no effect of growing altcoin to bitcoin, there are many potential altcoins and they wanted it to grow and reach peak to that of bitcoin but still at ease up to now or stays the same unless they really work hard on it and focus their attention to make it grow. But if not nothing change still bitcoin is different from altcoin

Yes, they die when the devs started dumping their tokens and leave the investors hanging while holding a bag of shitcoin which will never gonna pump since the devs left. Although there are successful altcoins out there that I can see is worth it, I guess not every coins got lucky for having an investors and a dev who continue to support their own creation.

I wonder what another type of ICO, IDO or some kind of hype will they be using next time like how they used DeFi nowadays?
I hope they would bring an innovative technology that would help the community just like how we use Ethereum and other altcoins.

On the cryptocurrency market, there are currently over 10,000 cryptocurrencies. They take money from the total amount of money invested in the market, which will inevitably lead to a fall in bitcoin's price supremacy. This does not strike me as a bad omen. Bitcoin's evolution is excessively conservative, and this affects altcoins as well.

It is true that there are a lot of alt coin out there that have been released that are are shit and they are just copy cats and money grabing scams, but you can't deny the fact that there are some few out there that are actualy trying to bring somthing new and have some good ideas, not to mention the fact that the more coins to exchnage there the more poeple would be trading them with bitcoin since its is the main one that they pair it with, and that is what is actually making the cryptocurrency market move and in my opinion i think it is making bitcoin more valuable.

Only altcoins with the real use-case will last in the crypto space. I don't think it will break bitcoin because they have different goals in improving the use of blockchain technology. If their development is continuous and has a real impact on a lot of people then that is good for the long term.


Exchanges will really play a major role, if shitcoins continue to get listed on popular exchanges then this is a shame for real projects who are working hard to develop their coins. This won't be good for long term because most people only buy what coin is trending which is most often a shitcoin. The developers of this coin don't have a solid background in blockchain so investing on this for long term is very risky, if they stop developing it then investors could lose a lot of money.

I don't think altcoins can really harm Bitcoin. 90% of new altcoins will likely die.

You started good but you ruined it.
ETH is just as useless as DOGE. The only difference is that DOGE is transparent about its uselessness and is known as a joke/meme coin while ETH never admitted it and in fact it fooled people into thinking otherwise. In reality ETH depends only on pump and dumps that partly happen by the ethereum foundation and partly by the scam trends through smart contracts on ethereum platform called ICO, IEO, STO, DEFI,... If the scams stopped today, ETH price drops down to less than a dollar.

This can be the option for those people who rely on shitcoins because they found it profitable.

There will become more opportunity for them to buy and sell in a short period of time depending on their preferences.

By this, it will also make people leave bitcoin for the mean time and rely on those altcoins first because there are coins who are profitable during bearish market.

Currencies are more likely to be lost for random investment. When the price of Bitcoin is affected new companies join the market and try to pump their projects many companies scam when the amount of investment is high so it is better to stay away from these new companies. Depending on the price of bitcoin the price of other altcoins tends to increase altcoin won't have much of an impact on bitcoin although the price of this currency decreases the amount of investment remains high. Traders know that its price will rise again and reliable currency.

Honestly, those coins that have less support from the investors because when they create new coins, it means new opportunity and new options. the result would be the investors will skip those coins that have less support or less popular. that's why people always recommend investing in the top altcoins since they are not likely buried when some promising project will emerge out of nowhere with great support. When you see some coins that have legit supporters, consider it hard to die because no matter what happened it always gathers more support to keep it going even though the market is not looking good right now.

Not all, I believe. Just like doge, which is already in top 10. Do you think you can consider doge as safe alt investment? Though it is an old alt, but the increase of its price is highly dependent on Elon Musk, which is not a very sustainable one. Other than bitcoin, better invest in alts that have solid use case in the market like ETH. This will give them reason to maintain their market as well as users that will actually use their network. Without users, basically, the platform will go dead.
And these alts, will only show the true value of bitcoin. Because once the alt is abandoned by their respective devs, they will just go back to bitcoin again.