What if Bitcoin Was the Only Cryptocurrency? - page 4.

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Quote from: Oasisman on March 30, 2023, 09:41:53 PM

Quote from: Davidvictorson on March 30, 2023, 09:50:51 AM

Over to you the reader - What if bitcoin was the only cryptocurrency?

Well, I have to say it wouldn't gonna happen anyway lol. Practically, because humans are greedy in nature. When they see something became mainstream that can generate you thousands if not millions of money, as long as it is not government owned that can be replicated, we tend to make our own and replicate the feature of that specific thing and will try to innovate on the latter.

If Bitcoin was not successful, all these alts in the market won't exist.

That's right, that will never happen. Look, is there a good product in the world that doesn't have a copy or a competitor? I never thought about it, but I also don't like exclusivity, I want everything to be rich because everyone's needs are different.

Like when talking about smartphones, if iPhone is exclusive and sells at a high price, only the rich can use it, and the poor never have the opportunity to use it. But once the market is diversified, high competition will create opportunities for poor people like us to access technology, cheap smartphones. There must be competition for everything to develop and be sustainable.

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Quote from: Davidvictorson on March 30, 2023, 09:50:51 AM

Over to you the reader - What if bitcoin was the only cryptocurrency?

Well, I have to say it wouldn't gonna happen anyway lol. Practically, because humans are greedy in nature. When they see something became mainstream that can generate you thousands if not millions of money, as long as it is not government owned that can be replicated, we tend to make our own and replicate the feature of that specific thing and will try to innovate on the latter.

If Bitcoin was not successful, all these alts in the market won't exist.

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Quote from: hZti on March 30, 2023, 04:36:14 PM

Bitcoin is basically the only cryptocurrency that is not a scam. Every other currency has some persons behind it that try to get rich in one way or another. With Bitcoin however nobody knew that it would be a huge success so the early inventors did not hoard coins to cash out later, since they did not have a clue that big oh would take of.

In other words, bitcoin was created with the intention of becoming a currency, an alternative payment method to the fiat system. What is happening is not Satoshi's original purpose. For altcoin projects created for the purpose of speculation, selling tokens, and creating a financial market where we take each other's money. To me, altcoins are gambling and offer no real value, all projects aim to generate tokens, then manipulate and inflate them for us to rob each other.

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The third month of 2023 is coming to a close with a hint of pessimism due to a new regulatory offensive on the world’s largest cryptocurrency trading platform Binance. And while the chatter is mostly focused on the assets costing thousands of dollars apiece, there are lots of those that can be purchased for $1 or less.

In this context, Finbold has scoured the crypto market, analyzing digital assets’ recent performance and important developments to produce a list of cryptocurrencies that can still be obtained for under a dollar, making them worthwhile to keep an eye out for in April

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Quote from: uchegod-21 on March 30, 2023, 10:21:49 AM

ChatGPT didn't tell you that if bitcoin was the only cryptocurrency, it might have ended before now. This is because the eyes of the government would be there, the eyes of the ordinary people will be there, the eyes of big project owners like the owner of Ethereum and even CZ would be there. There would be much manipulations which would have made regulation need to become intensive and then there will be much centralization which would give the government access to bitcoin.
The real point is that alternative cryptocurrencies have made much eyes not to be on bitcoin and greedy fellows would rather want to create their own coins instead of struggling with bitcoin.

Precisely! Alternate coins not only serve as an alternate currency but let's all admit it that it serves as a distraction to all of us, not in a bad way of course but you all get the point. The purpose of cryptocurrency is already semi anti-government due to its decentralized property, and the government will try to take over it before it fully bloomed if it is the only cryptocurrency existed. In the end it will lose it's decentralization due to monopoly and we will having another currency monopolized by the government.

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If Bitcoin was the only cryptocurrency, things would have been plain and simple. The discord and cacophony and confusion in the crypto market caused by hypes, scams, trading, shitcoins, pump and dump, and the like would probably be minimal. Moreover, since all crypto support is solely focused on Bitcoin, its price is certainly much higher than today. The entire crypto market would be Bitcoin's market cap. The disadvantage, however, as pointed out by ChatGPT is that innovation might be limited.

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Well we'd be spared all the scams and all the focus on useless alts. Cryptocurrency would be a lot less confusing to new people. Bitcoin would likely have a larger market cap but not as large as the current crypto market cap, as lots of money for crypto flows into those random alts when people try to get rich quick or VCs invest in these random alts.

Bitcoin adoption would very likely proceed a lot more quickly and it would be seen as more legitimate and less confusing because scammy useless alts wouldn't be complicated everything. Also less worry of tyrannical regulations. Also a lot more people would be trying to build more layers on top of bitcoin for stuff like smart contracts and whatnot rather than introducing endless random alt tokens.

Overall, things would be a lot better.

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Quote from: qwertyup23 on March 30, 2023, 06:23:46 PM

I think the reason on why BTC is very successful is due to its competitors on the market. Despite releasing thousands of altcoins with innovative introductions, BTC still remained the dominant cryptocurrency in the market. BTC still emerged as the top cryptocurrency and you can at least say that there was a healthy competition that further boosted its price.

If BTC is the only cryptocurrency, I think it will never reach the same global impact it currently has today. People would somehow force to compare it with fiat and other investment opportunities. Without no competition, it will never attain and reach this kind of level that we have today.

Yes that's very much correct the existence of thousands of cryptocurrency (the centralized one) gives a reason why Bitcoin should be your prime choice. If you see recent shifting of Eth from PoW to PoS, its a clear indication that there are few people that is controlling the currency. While there is no such thing possible in bitcoin.
Bitcoin won't enjoy current status of superiority without the existence of so many alts. These alts gives us opportunity to see what true decentralization is since that is something unique to bitcoin. Not even a single cryptocurrency has that feature.

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The current total of the cryptocurrency market capitalization is around $1.1-T. If we're going to value that and answer the question what if bitcoin is the only crypto then the first thing that everyone can think about is its price. By having that market cap and having the current supply of 19.33M bitcoins in the economy, let's do the math.
$1.1-T / 19.33M
= $57,000
That will be the estimated current price and how much more if we go back in the bull as there will be another increase to its market cap. But even with bitcoin's soaring high, there will always be those competitors trying to outperform bitcoin but it will not happen.

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Quote from: Davidvictorson on March 30, 2023, 09:50:51 AM

Over to you the reader - What if bitcoin was the only cryptocurrency?

Statistically the price of Bitcoin shouldn't be $27.9k at this moment and should be $60,519 with the $1.7T global market cap if Bitcoin is the only cryptocurrency right now and the all time high of BTC shouldn't be $69k but instead should be $158,993 since on Nov. 9 2021 crypto market cap reached $3T[1] and BTC circulating supply is around 18,868,637[2]

[1] https://fortune.com/2021/11/09/cryptocurrency-market-cap-3-trillion-bitcion-ether-shiba-inu/
[2] https://coinmarketcap.com/historical/20211109/

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Quote from: tbct_mt2 on March 30, 2023, 10:10:35 AM

You don't have time travelling machine so you can not revert time and change what happened in history.

Bitcoin was created and it motivated other developers to create altenative cryptocurrencies to make the cryptocurrency ecosystem bigger. It helps the adoption of this ecosystem gets bigger and at faster rate.

If Bitcoin is only cryptocurrency, this market will be smaller and nobody wants it. Having multiple options is the best we can have in life and the world don't need only US dollar or Bitcoin. It must have other fiat currencies and other cryptocurrencies as well.

I think the reason on why BTC is very successful is due to its competitors on the market. Despite releasing thousands of altcoins with innovative introductions, BTC still remained the dominant cryptocurrency in the market. BTC still emerged as the top cryptocurrency and you can at least say that there was a healthy competition that further boosted its price.

If BTC is the only cryptocurrency, I think it will never reach the same global impact it currently has today. People would somehow force to compare it with fiat and other investment opportunities. Without no competition, it will never attain and reach this kind of level that we have today.

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Quote from: dunfida on March 30, 2023, 05:57:17 PM

Quote from: hZti on March 30, 2023, 04:36:14 PM

Bitcoin is basically the only cryptocurrency that is not a scam. Every other currency has some persons behind it that try to get rich in one way or another. With Bitcoin however nobody knew that it would be a huge success so the early inventors did not hoard coins to cash out later, since they did not have a clue that big oh would take of.

No one really did expect for Bitcoin to become so this big on which we do see that there are huge balanced wallets are totally lost in void just because their wallet owners have lost their PK's of their wallet.

No one had expect that recognition and popularity boom up over a decade and reached out a particular value that we didnt really expect for it to be reached out.If ever Bitcoin was the only coin

the we wouldnt really be seeing its value to be something that we are looking into now but it would be much more bigger considering that altcoin market or capitalization did really get some huge
chunk or part but well its expected that there would be developers would be tending to create something new and better.

^That is exactly what I have thought, if BTC was the only cryptocurrency, it would likely have a much more dominant position in the market than it does now. BTC is already the largest and most well-known cryptocurrency, but with no competition from other cryptocurrencies, it would have even more influence in the crypto world. However, there are some probably the downsides to this scenario. For one, without other cryptocurrencies to compete with, there would be less incentive for BTC to improve and innovate. And if BTC were the only cryptocurrency, it would bear the entire burden of being a decentralized digital currency, which could lead to issues such as scalability and security. It could be lack of competition could also lead to centralized control of the BTC network, as there would be no other decentralized networks to balance out its power. This could possibly lead to issues with censorship and privacy.

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Quote from: hZti on March 30, 2023, 04:36:14 PM

Bitcoin is basically the only cryptocurrency that is not a scam. Every other currency has some persons behind it that try to get rich in one way or another. With Bitcoin however nobody knew that it would be a huge success so the early inventors did not hoard coins to cash out later, since they did not have a clue that big oh would take of.

No one really did expect for Bitcoin to become so this big on which we do see that there are huge balanced wallets are totally lost in void just because their wallet owners have lost their PK's of their wallet.

No one had expect that recognition and popularity boom up over a decade and reached out a particular value that we didnt really expect for it to be reached out.If ever Bitcoin was the only coin

the we wouldnt really be seeing its value to be something that we are looking into now but it would be much more bigger considering that altcoin market or capitalization did really get some huge
chunk or part but well its expected that there would be developers would be tending to create something new and better.

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Quote from: Rengga Jati on March 30, 2023, 04:37:14 PM

Quote from: Davidvictorson on March 30, 2023, 09:50:51 AM

They say variety is the spice of life. But what if there were no variety? Won't life keep "lifing" without it? This brings me to the thought that popped in my head today - What if Bitcoin was the only cryptocurrency? Would adoption, regulation, been relatively easier? Would the volatility be reduced and the price stable? Would have less centralized exchanges?

Sometimes, various developments both in quality and quantity will also have an impact on the popularity of something. Likewise with Bitcoin, even though sometimes we are very lazy with the thousands of altcoins (shitcoins) that are created in the crypto world, but this is also an effect of the increasing acceptance of cryptocurrency in the eyes of the world, so that more concepts, coins, or other things related to blockchain and cryptocurrency are developed. . Indeed, we cannot guarantee that altcoins are indeed one of the factors why crypto has become more popular. Moreover, many people only know about Bitcoin, not altcoins. Hence, it may not be a problem with Bitcoin, but it may not be as popular as it is today. The point is that we will not know what will happen if altcoins do not exist, sometimes things are beyond our reach to predict, especially things that are unlikely to happen again and cannot turn back time. Wouldn't it be better to just focus on the present?

I agree, for sure other cryptocurrencies in particular with altcoins, contributed with the growth in this industry in general. Perhaps investors who are not into Bitcoin alone because of its too volatile market value. Also, it is a currency alone unlike with tokens of different projects that has specific utility wherein there are investors who are more into such kind of asset simply because it is where they form assumption whether something would be good holding for a long time, depending on the project itself. Unlike with Bitcoin wherein your assumption would solely depend with the majority's buying and selling behaviors.

So it is more of differences with preference as an investor. In comparison between bitcoin and altcoins; the rate of increase with altcoins are bigger most of the time because of the market cap and volume of these tokens. It is more volatile indeed but if you are having good analysis, you'd hit the right spot of investing on altcoins which could be why other people prefer it more.

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No thisnisntime for us to think like a human. Computer had given us his own idea and it sound true but we should also look at the disadvantages of Bitcoin was the only cryptocurrency. That means we are not going to have a stable coin at all. We are not going to covert Bitcoin to other cryptocurrencies in the market especially when we want something stable to hold. There would have n oh being altcoins like the ones we have today. Things may finally go wrong and the market will not be able to grow and expand.

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Quote from: Davidvictorson on March 30, 2023, 09:50:51 AM

They say variety is the spice of life. But what if there were no variety? Won't life keep "lifing" without it? This brings me to the thought that popped in my head today - What if Bitcoin was the only cryptocurrency? Would adoption, regulation, been relatively easier? Would the volatility be reduced and the price stable? Would have less centralized exchanges?

Sometimes, various developments both in quality and quantity will also have an impact on the popularity of something. Likewise with Bitcoin, even though sometimes we are very lazy with the thousands of altcoins (shitcoins) that are created in the crypto world, but this is also an effect of the increasing acceptance of cryptocurrency in the eyes of the world, so that more concepts, coins, or other things related to blockchain and cryptocurrency are developed. . Indeed, we cannot guarantee that altcoins are indeed one of the factors why crypto has become more popular. Moreover, many people only know about Bitcoin, not altcoins. Hence, it may not be a problem with Bitcoin, but it may not be as popular as it is today. The point is that we will not know what will happen if altcoins do not exist, sometimes things are beyond our reach to predict, especially things that are unlikely to happen again and cannot turn back time. Wouldn't it be better to just focus on the present?

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Bitcoin is basically the only cryptocurrency that is not a scam. Every other currency has some persons behind it that try to get rich in one way or another. With Bitcoin however nobody knew that it would be a huge success so the early inventors did not hoard coins to cash out later, since they did not have a clue that big oh would take of.

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Quote from: Davidvictorson on March 30, 2023, 09:50:51 AM

They say variety is the spice of life. But what if there were no variety? Won't life keep "lifing" without it? This brings me to the thought that popped in my head today - What if Bitcoin was the only cryptocurrency? Would adoption, regulation, been relatively easier? Would the volatility be reduced and the price stable? Would have less centralized exchanges?

Even if for some reason it never occurred to anyone until this point to create an altcoin, you can be sure that this would have happened at some point, and once that happened then thousands of altcoins will be created, bringing us back to the same scenario we are facing right now, so as you can see nothing would have really changed, and if anything the question then will be why altcoins were not created until so much time it passed since the creation of bitcoin? A difficult question for sure as I do not see how such a thing could have happened.

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Let me revers this question: what if there was only one human in the world? Of course, life would have been so boring for the person who lived all along by himself. What if there was only one car in the world? Almost everyone would want to ride on it. So it's not certain what would have happened had Bitcoin been the only cryptocurrency in the world. Probably, it would have been an advantage or disadvantage for Bitcoin.

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Quote from: macson on March 30, 2023, 11:10:09 AM

it never crossed my mind what would happen to bitcoin if there were no altcoins at all, because everything in this world is not one and only ^{(without rivals)} and the world has long walked with that concept.

Altcoins are not rivals to BTC, they would have been rivals if there were many altcoins that is as useful as BTC, not just "useful" for exchanges like Binance to use in manipulating their customers and making money from promoting it to people. If there were a lot of useful altcoins that can be used in the real world today, then there would have been a good competition in the crypto space.

If there were no altcoins, most of the money pumped into altcoins would have flowed into BTC and the value and price will be so higher than the current price it is now, and we would only have to focus on one useful currency and work on its development, not to be distracted by many useless coins.

Topic: What if Bitcoin Was the Only Cryptocurrency? - page 4. (Read 588 times)