What role have altcoins played in cryptocurrency industry

Cryptomultiplier

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Quote from: Wiwo on July 12, 2023, 10:05:56 AM

Quote from: razielmmo on July 12, 2023, 08:17:02 AM

You know what's the funniest thing? If you read this forum for too long, you might get the impression that everyone here is a cousin of Satoshi Nakamoto or something like that. And while others are arguing about conspiracy theories and searching for digital gold, I dare to mention a project like NeonLink.

Well, not that everyone is acting like Satoshi's cousin just because their thoughts and speech are all in favor of Bitcoin here in the forum, what you must know is that this forum is a Bitcoin discussion forum so the majority of the discussion here involves Bitcoin, but it doesn't mean that we don't have altcoin discussion and not also undermining the role altcoins play in the cryptocurrency industry and how altcoins aid Bitcoin popularity and also provide an alternative for cryptocurrency scalabilities.

So don't get it twisted many of us here are well aware of the boundaries and tin line between Bitcoin and other coins and we align our discussion with that from time to time.

The Neonlink he mentioned is more like this community too. Only that it talks about Web3 gaming and its own cryptocurrency, Neonum finance.

Altcoins has sure shaped how the world perceived Bitcoin. They thought BTC was going to be a scam until now when it is about $30k. Other companies thought it wise to follow the footprint set by BTC and though volatility can crash many of these altcoins in instant, the gains from having to trade them quite doubles or triples what BTC stands to make. Hence why traders preferably use altcoins more for trading purposes and BTC for saving/HODLing.

Wiwo

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Quote from: razielmmo on July 12, 2023, 08:17:02 AM

You know what's the funniest thing? If you read this forum for too long, you might get the impression that everyone here is a cousin of Satoshi Nakamoto or something like that. And while others are arguing about conspiracy theories and searching for digital gold, I dare to mention a project like NeonLink.

Well, not that everyone is acting like Satoshi's cousin just because their thoughts and speech are all in favor of Bitcoin here in the forum, what you must know is that this forum is a Bitcoin discussion forum so the majority of the discussion here involves Bitcoin, but it doesn't mean that we don't have altcoin discussion and not also undermining the role altcoins play in the cryptocurrency industry and how altcoins aid Bitcoin popularity and also provide an alternative for cryptocurrency scalabilities.

So don't get it twisted many of us here are well aware of the boundaries and tin line between Bitcoin and other coins and we align our discussion with that from time to time.

Argoo

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Quote from: QueenVera on May 29, 2023, 11:17:54 AM

Quote from: Ojima-ojo on April 22, 2023, 10:50:38 AM

Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

Altcoins have impacted the cryptocurrencies market in a positive and negative way. Some positive way are, without Ethereum and its own blockchain we won't have had the various decentralized application we have in the market from exchange to wallets and different application that are decentralized.
Without Ethereum we won't have defi, metaverse and ico that help people by giving them opportunity to invest in early projects that gave them big profits. Altcoins give people profits and also losses. Altcoins made many scammers to get away with their scams and that cause people to have problem trusting the market.
Other projects has contribution to the growth of the industry but everything started from Ethereum and it'll still continue that way because they keep improving on the blockchain to adapt to the new waves coming into the market like migrating from POW to POS and now they'll have lesser fees that'll attract developers.

Indeed, altcoins have made a significant contribution to the development of useful properties, services and conveniences in the cryptocurrency market. Without altcoins, this market would be much poorer and less attractive. But on the other hand, it was thanks to the emergence of altcoins that there were massive cases of fraud in this market, as well as useless and openly fraudulent projects. However, the market itself will eventually remove everything useless from it. Therefore, in general, altcoins play a very positive role in the development of cryptocurrency and increase its liquidity.

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You know what's the funniest thing? If you read this forum for too long, you might get the impression that everyone here is a cousin of Satoshi Nakamoto or something like that. And while others are arguing about conspiracy theories and searching for the digital gold, I dare to mention a project like NeonLink.

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Quote from: Trouvaille on May 31, 2023, 09:12:37 PM

Altcoins offer additional investment opportunities for crypto investors. The high returns of altcoins have attracted more investors to join, and some altcoins have also achieved huge growth, allowing early investors to obtain considerable profits.

these altcoins in general as acts like good flavour for the whole industry.
even though many of altcoins are speculative and might also just a tool for gaining some profits, even much frequently being manipulated by whales, still it opens up opportunity of getting huge returns in some of the investment.
that with a fact that many of the people that invested also know very well what they invested in, which incur high risk of losing the investment, other than that, maybe it brings up some innovation.

i couldn't imagine how the cryptocurrency industry without the presence of altcoin like ethereum which further enhance the capabilities of blockchain technology through leveraging their smart contract technology.
it just so good that it makes blockchain find it potential use case and there are many of these use cases in which gonna make blockchain technology even seems more interesting.

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Quote from: Trouvaille on May 31, 2023, 09:12:37 PM

Altcoins offer additional investment opportunities for crypto investors. The high returns of altcoins have attracted more investors to join, and some altcoins have also achieved huge growth, allowing early investors to obtain considerable profits.

The low chance to make huge returns from the big coins were forcing people are looking for the alternative way to get the profits. Altcoins has been offering alternative way to make sure if it will able to give people another chance to make huge profits from investing.

Altcoin was offering new opportunity even for people with small amounts of money to invest.

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Quote from: Trouvaille on May 31, 2023, 09:12:37 PM

Altcoins offer additional investment opportunities for crypto investors. The high returns of altcoins have attracted more investors to join, and some altcoins have also achieved huge growth, allowing early investors to obtain considerable profits.

from this we can see the addition of the market cap of the crypto currency market which is so large,
because not only Bitcoin is traded on the market, but altcoins are also in great demand by large investors,
even entrepreneurs like Elon Musk know how he gets profit not only with Bitcoin but with Doge, and Doge is one of the altcoins.

smile1218

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Altcoins have played a significant role in the crypto currency industry. It has different features and benefits such as faster transaction times, lower fees and it has also improved privacy. Altcoins have contributed to the growth and diversification of the crypto currency market. They offer investors and users for more options and opportunities to participate in the industry. Some of the most popular altcoins include Ethereum, Litecoin, Ripple, Bitcoin cash and others. It is important to keep in mind that altcoins is also risky and volatile so if you are planning to invest study and research first before investing.

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Competition. To see how good Bitcoin is than them.

I do agree some projects did great help in the cryptocurrency industry but most of them are just there sucking milk from investors. I've also seen other altcoin projects that had good goals but were not supported by the people and they did not hit even just their small-cap when they made an ICO.
Now, they are creating jokes and yet it was fully supported in both putting it in the trend, hyping it, and worst buying large amounts of their coins.
They say it's a different era now and those who buy memes want something new, but I don't think it's for the better.
The market today is diversified and it's hard to say what altcoin's real role is anymore, maybe they are just here for the short term, to make money for the rich.

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Quote from: Huppercase on May 29, 2023, 04:01:22 AM

If you check the price of Bitcoin, only few people have big money to invest and that is why most people divert money to altcoins, Bitcoin is already a saturated market by institutional investors. Altcoins are safe haven for people that are late for the party, this is why you see new comers catch up with the new alternative coins that has low caps to gain something later, every week we now see them flood the market and whether the bitcoin maxist like it or not, it can not be deny that altcoins attract more 80% of investors, even the institutional investors heavily put money on altcoins because their profits are always insane.

The global market effect of altcoins is liquidity, altcoins attract lots of attention and investors because when there is PR, good marketing and tech around any new altcoins, there is move of liquidity from one chain to another and also the bridge of chains has make things easier for new projects as wel.

In Bitcoin investing, no one is required to have a $28k in hand (current value of BTC) but everyone can invest on here as low as 10 to 15 Dollars. I don't mention amounts lower than it because there is a transaction fee and it can be higher than the BTC that will be left for us if we insist it.

I think the real reason on why people invest in alts rather than in Bitcoin is because alts value are still small, I mean they still have the potential pump higher and it can move at a quicker rate than in Bitcoin. BTC is still more reliable than them and it is more recommended for the beginners in crypto. We still can't deny the role being played by altcoins. You already said if what they are.

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The biggest one must be trying to make people feel like they are not too late on crazy returns. We know that we are not going to make 100x from bitcoin anymore, but we could maybe make that with some of the coins, even if it's not the price going up that much, it could be staking or some rewards or something like that which would see us have a lot more of those coins and then even if it goes up 20x then we would profit 100x.

So that potential of getting silly rich thanks to one investment is still out there. Has it happened? It has, but is it common and will happen frequently? Of course not. This is why even though it's a good idea to do this, it's also not a smart idea to keep trying your luck all the time since you may end up losing as well.

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Quote from: Trouvaille on May 31, 2023, 09:12:37 PM

Altcoins offer additional investment opportunities for crypto investors. The high returns of altcoins have attracted more investors to join,

There is no doubt in that fact that altcoins offer such immersed opportunities for investors who are ready to speculate and gamble on the market, without having to check what the usercase of those altcoins are and what their stand to achieve, so speculation becomes the only reason that draws them to this coins.

Quote

and some altcoins have also achieved huge growth, allowing early investors to obtain considerable profits.

When you said some altcoins have received huge growth, I am a little bit confused about that because in most cases those investors who have earned considerable profits as you mentioned, did so at the detriment of the project's success, because only those investors who dumped the coin have made out something from it but long term investors, on the other hand, are already on loses since the price of the coins dropping after such sell-off.

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Altcoins offer additional investment opportunities for crypto investors. The high returns of altcoins have attracted more investors to join, and some altcoins have also achieved huge growth, allowing early investors to obtain considerable profits.

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Altcoins have a role to introduce crypto currency to the public. I believe almost 70% of people who know Bitcoin are from some altcoins. And the biggest one is ETH. If the question is the role of Altcoins in the cryptocurrency world, I think they are very good options besides Bitcoin for us to choose from. Currently BNB is the best in my opinion. Fast and smooth transactions and low fees. I believe in the future Altcoins will take an important role in the cryptocurrency world.

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The most significant role that altcoin play is to introduce cryptocurrency and blockchain to a specific industry, Bitcoin is a general currency that initially people are easy to miss it, unless they are a tech enthusiast. With some altcoin that made specifically for a certain industry like Art, Finance, Music, Real-Estate, etc, people who are related to these industries but not really a tech enthusiast are introduced to the Blockchain and Cryptocurrency.

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Quote from: Ojima-ojo on April 22, 2023, 10:50:38 AM

Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

Well truth be told, the rise of alt coins gave bitcoin more popularity and the boast needed, so I will say it have impact the industry positively and negatively
positively in the sense that it bring awareness to the industry and give the crypto industry many use cases for blockchain, negatively in the sense that many uses it to scam. In all, I think the positive part outweighs the negative part

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Altcoins are blockchain assets that use the Bitcoin code as a template with some modifications to its underlying technology blockchain. More applications are more in line with the needs of the public. This is the case for many DEFI products. In addition, the most eye-catching thing is that altcoins can achieve greater profits in a short period of time, and the increase in altcoins is often beyond imagination.

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Quote from: QueenVera on May 29, 2023, 11:17:54 AM

Quote from: Ojima-ojo on April 22, 2023, 10:50:38 AM

Snip~

Altcoins have impacted the cryptocurrencies market in a positive and negative way. Some positive way are, without Ethereum and its own blockchain we won't have had the various decentralized application we have in the market from exchange to wallets and different application that are decentralized.
Without Ethereum we won't have defi, metaverse and ico that help people by giving them opportunity to invest in early projects that gave them big profits. Altcoins give people profits and also losses. Altcoins made many scammers to get away with their scams and that cause people to have problem trusting the market.
Other projects has contributed to the growth of the industry but everything started from Ethereum and it'll continue that way because they keep improving on the blockchain to adapt to the new waves coming into the market like migrating from POW to POS and now they'll have lesser fees that'll attract developers.

The various altcoin have impacted the industry no doubt about that m, but one of the primary features of altcoin which are to provide an alternative to Bitcoin has not been met up until now, and what we have witnessed is the high rate of negative impact and hypes that have further tinted the image of cryptocurrency to the mainstream usage.

But there have been a lot of issues surrounding all the mentioned projects and developments that you mentioned which have limited their impact.

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Quote from: Ojima-ojo on April 22, 2023, 10:50:38 AM

Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

Altcoins have impacted the cryptocurrencies market in a positive and negative way. Some positive way are, without Ethereum and its own blockchain we won't have had the various decentralized application we have in the market from exchange to wallets and different application that are decentralized.
Without Ethereum we won't have defi, metaverse and ico that help people by giving them opportunity to invest in early projects that gave them big profits. Altcoins give people profits and also losses. Altcoins made many scammers to get away with their scams and that cause people to have problem trusting the market.
Other projects has contribution to the growth of the industry but everything started from Ethereum and it'll still continue that way because they keep improving on the blockchain to adapt to the new waves coming into the market like migrating from POW to POS and now they'll have lesser fees that'll attract developers.

Huppercase

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Quote from: Ojima-ojo on April 22, 2023, 10:50:38 AM

For as far as I know, Bitcoin is the primary and dominant cryptocurrency, but among others, Bitcoin have its limitations that have slowed its widening adoption and scalability due to this Bitcoin's shortcomings there was a need for the creation of alternatives cryptocurrency and this need has given room for the developments of thousands of altcoins, and this altcoin are all developed to solve one issue or the other with the bitcoin network and this has also opened the room for so. Many scam projects.

So this have led me to ask this fundamental question of what role have altcoins played in the cryptocurrency industry, Has altcoin played any significant role in increasing the adoption of Bitcoin?

Have alternatives cryptocurrencies help the growth and adoption of cryptocurrency in the global market and how far have the presence of alternatives cryptocurrency help the industry positively?
Or Negatively?

If you check the price of Bitcoin, only few people have big money to invest and that is why most people divert money to altcoins, Bitcoin is already a saturated market by institutional investors. Altcoins are safe haven for people that are late for the party, this is why you see new comers catch up with the new alternative coins that has low caps to gain something later, every week we now see them flood the market and whether the bitcoin maxist like it or not, it can not be deny that altcoins attract more 80% of investors, even the institutional investors heavily put money on altcoins because their profits are always insane.

The global market effect of altcoins is liquidity, altcoins attract lots of attention and investors because when there is PR, good marketing and tech around any new altcoins, there is move of liquidity from one chain to another and also the bridge of chains has make things easier for new projects as wel.

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