More and more new altcoins have sprung up, making investors increasingly spread to several altcoins. However, some of the altcoin procles that have been developed are only made to enrich themselves. but there are some new projects that do have good potential and innovation and can be useful for cryptocurrency.
Some scammers also take advantage of this opportunity to create scam projects that will trap many investors, therefore they must be careful and always do research to follow new projects.
The safest altcoin investment is investing in altcoins that are in the top 20 of CMC.
Topic: What effect does a growing number of altcoins have on Bitcoin - page 5. (Read 975 times)
So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?
they can help break Bitcoins like what is happening now . more altcoins will divert people attention to invest in them and not in the Bitcoin . We don't need new coins anymore Quote
Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?
They can but only a little of them but many exchanges are biased and can be easily negotiated by money to list coins that have no real purpose other than for pump and dump . We don't need new exchanges anymore
Nothing . otherwise it will increase more user to knowing what crypto is which good to increase more community and new crypto user and investor. i dont really into random altcoin only on top 20 could trust money with it . i had worst experience investing in random altcoin .
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.
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.
This practice isn't just for meme project but any trending topics like Defi, NFT etc. Whenever there's a new trend in the space, exchange compete to get the best out of the new market by convincing new enthusiast to use their exchange instead of their competitors.
This can be related to Binance listing policy, normally, Binance lists the most trending coin and others follow, no coin listed on Binance is not ever to be called shitcoin because the listing team investigates and do thorough research before approving altcoin to be listed, the purpose of altcoin is to support Bitcoin as well.
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?
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?
a lot have come and gone its a lot like the stock market, there will always be other places to invest and other companies with a new mouse trap. Whether the BTC value is $60k per coin or $500 per coin its still going to perform the same function.
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?
While you are not wrong and most of the time this is the only use of altcoins, the few altcoins that are actually trying to develop something can become a testing ground for bitcoin, for example if a developer has a good idea and implements such idea on his altcoin and then the bitcoin developers see that this is something that could benefit bitcoin then they could later add that functionality to bitcoin without risking the bitcoin network in the process. 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 do think that there is a huge effect on the value of bitcoin of having done nine many altcoins, we already have so many altcoins but bitcoins value still depends on the number of investors and traders and for sure the market of cryptocurrency will be boring if there is no more altcoin. There are still a lot of altcoins that can give us good profit for investing in the long term, just make research to know about it.
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?
No you can’t just stop other coins simply because of Bitcoin. This is a free market and the sky is wide enough for every birds to fly. So you can’t stop other cryptocurrencies to be in the market, they are just there for their own business. It is up to people to make the decisions on what they are going to invest or not. And I don’t think that having many of these altcoins has any effect on Bitcoin at all, it doesn’t stop Bitcoin from growing.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?
Bitcoin has the largest market cap overall, that’s some huge difference, and that has not changed since the start. And the good thing about having altcoins is that it leaves people with lots of options to choose from and not just only one cryptocurrency.
I think the new coin is enriching the developer and the team and enriching people who use that new coins to trade and make money. That is the basic thing that all coins will try to reach before the project be used for our life.
Bitcoin is not disturbed by that new coins because the bitcoin position because bitcoin will increase and leave that coins at the highest price.
The long-term effect of having more altcoins on the market will be more competition from each altcoin, and that will be our chance to make more profit from many coins. The exchanges can play a major role in helping the new coin grow because the exchange has many traders that can use that new coin to trade.
Bitcoin is not disturbed by that new coins because the bitcoin position because bitcoin will increase and leave that coins at the highest price.
The long-term effect of having more altcoins on the market will be more competition from each altcoin, and that will be our chance to make more profit from many coins. The exchanges can play a major role in helping the new coin grow because the exchange has many traders that can use that new coin to trade.
I don't think altcoins are slowing the grows of BTC price. They just go along with it sometimes, getting some attention from investors, but I'm not sure that if there were fewer altcoins, people would invest in Bitcoin more. Perhaps there would be less attention to the crypto industry in general. I agree that the vast majority of altcoins are useless, but it doesn't mean that they're dragging Bitcoin down. Perhaps only in rare cases like when people send their BTC to burn addresses to get some altcoins, but it's not widespread enough to cause big damage.
As for exchanges, they care about profits, so if people are willing to trade altcoins, they'll be listed.
As for exchanges, they care about profits, so if people are willing to trade altcoins, they'll be listed.
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?
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?
Agree with this, that was also my opinion base on the present market situation because most of the projects that were added in the space are just copycats no real impact on the situation because its already in existence that's why it is useless to add new projects anymore with the same concept and function I guess it was intentionally created just to enrich themselves (team) and become a pump and dump project and eventually died in the process and abandon for me it has no significant effect on the Bitcoin no matter how many new altcoins was created because most of them are come and go purpose only the investors will suffer specially the noobs.
Ok, what happens with most of the Alt coins are this. The Coin is launched and loads of people will quickly buy a bunch of it, because they know that there will be a small window for a "profit" before people start to dump it again. So after they profited .. they will buy back into Bitcoin (BTC) or they will convert it to Fiat.
We know the real long-term proven Store of Value is in Bitcoin and not in a Pump n Dump shitcoin, so we profit from the short-term coins and then move on to the next one...
This is just how trading and Alt coins work... some of the coins like ETH /XRP / LTC are actually used and they stay around a lot longer, so some of those profits are dumped into them, to diversify the Crypto portfolio.
We know the real long-term proven Store of Value is in Bitcoin and not in a Pump n Dump shitcoin, so we profit from the short-term coins and then move on to the next one...
This is just how trading and Alt coins work... some of the coins like ETH /XRP / LTC are actually used and they stay around a lot longer, so some of those profits are dumped into them, to diversify the Crypto portfolio.
So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?
There is no immediate impact on bitcoin, but overall it will have an impact on the market. If all the altcoins that will be released in the future are shitcoins, it will affect the market in a negative direction. trust in crypto will slowly decline.
Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?
no, because now the exchange is all about profit. they are more interested in the money they will receive from a new project. so they don't care that the coin is shitcoin. if in the future they find out, they'll just be delisted, and act like nothing happened.
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 understand what you mean, in my opinion this altcoin is only a price rotation in a lower market, so in my opinion altcoins will not be able to destroy bitcoins, because these altcoins have no basic basis, otherwise these altcoins will depend on bitcoin, so the conclusion is bitcoin will not be affected by new altcoins at this time, bitcoin may rise to the top of the month or into the deepest abyss depending on the people who are in the current sales market, we take for example elon musk, so back to traders, altcoins only bridge to enrich us with a small wave, bitcoin will not be affected by the existence of altcoins that have sprung up at this time 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 have wondered why the new projects have not created solutions in order to improve bitcoin.
Really, I wish that was the case and that the new developments were focused on meeting the demands of bitcoin users. But the opposite is happening as OP mentions.
The new coins or the altcoins are totally detached from the functionalities of bitcoin so I agree as some of you say that they want to be superior to bitcoin and that is their purpose.
Although I think they will not make it, bitcoin has faced battles from which it has remained undefeated.
Really, I wish that was the case and that the new developments were focused on meeting the demands of bitcoin users. But the opposite is happening as OP mentions.
The new coins or the altcoins are totally detached from the functionalities of bitcoin so I agree as some of you say that they want to be superior to bitcoin and that is their purpose.
Although I think they will not make it, bitcoin has faced battles from which it has remained undefeated.
But listen, almost all the alt projects set out to do this, improve Bitcoin.
But only very few improved some things. Most only solved what seemed to be a problem but ended up only providing band aid solutions. Bitcoin Cash is the biggest example of this. They thought okay, so btc is so small the blocks, let's just make blocks bigger and we solve the tps issue. But as they found out, that only creates bigger blockchains, not solving problem permanently.
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Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?
They have a major role to play but they won't do that because when you look at it, the shitcoin are the ones giving them more profit than Bitcoin. How many people still sees Bitcoin as a source of been financially stable, not many but the likes of memes coins are bringing in countless numbers of speculators and that's what the exchanges are after which is why you see them listing anything meme every now and then.
This practice isn't just for meme project but any trending topics like Defi, NFT etc. Whenever there's a new trend in the space, exchange compete to get the best out of the new market by convincing new enthusiast to use their exchange instead of their competitors.
And guess what, the exchanges don't care as there isn't laws to punish them for actions they take without putting the welfare of their customers first.
At present, only LTC has a relatively large influence, and other altcoins are things for making money. As for whether it affects Bitcoin or replaces Bitcoin, it depends on the development of altcoins, because altcoins are now vulnerable to 51% attacks, and Bitcoin has quietly accumulated a large amount of computing power in the early stages of development, according to the current situation. Seeing that the cost of reaching a 51% attack is very huge.
Having lots of shitcoins could potentially decrease the validity of cryptocurrencies as a whole specially when we have shitcoins that succeed at reaching top ranks such as the centralized ones like ETH, XRP, BCH, USDT,... This is even worse when the shitcoins are somewhat scammy too!
But I don't think such effects are going to be long term because as bitcoin grows it increases the distance between itself and other shitcoins. For example the biggest shitcoin right now is worth 0.069BTC and that is down from nearly 0.15BTC.
Having altcoins that are real projects, are secure and decentralized is a good thing but we have not seen any yet even though the altcoin market is about 10 years old. It could improve the technology and bring new innovations to the scene.
This won't happen as long as everyone (including altcoin devs) are focused 100% on making maximum profit.
But I don't think such effects are going to be long term because as bitcoin grows it increases the distance between itself and other shitcoins. For example the biggest shitcoin right now is worth 0.069BTC and that is down from nearly 0.15BTC.
Having altcoins that are real projects, are secure and decentralized is a good thing but we have not seen any yet even though the altcoin market is about 10 years old. It could improve the technology and bring new innovations to the scene.
This won't happen as long as everyone (including altcoin devs) are focused 100% on making maximum profit.
I think all these alts barely make any effect on Bitcoin. They just exist only for their fans. They are like soft drinks. Store shelves are full of them, but most people still buy Coca-Cola and Pepsi. Even the price increase on Coca-Cola and Pepsi does not make people to switch on other soft drinks. Bitcoin is like Coca-Cola among soft drink.
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