Topic: What role have altcoins played in cryptocurrency industry (Read 713 times)

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.


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.

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.

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.

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.

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 

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.

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.

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.

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.

I can say that altcoins might be more flashy and colourful, easier to acquire for new entrants than Bitcoin. Maybe that made crypto even more notorious than bitcoin and it's scandals. Even then the long term profit from altcoins is way less and risky than bitcoin. Hence the gold standard is bitcoin and not altcoins. One might have some specific reasons to buy them, but their real use cases are less and they lack a market making capability.

Hence the impact they have made on the market might prove useful in short term but they get forgotten in the long run after they crash or get abandoned.

I personally believe that on the one hand altcoins play a big role in the adoption of cryptocurrencies and will be very educated especially when the market crashes they will find out the reason for the drop in prices. What needs to be anticipated is a rogue developer who creates shitcoin tokens for a moment's purpose so that it will create negative perceptions about this digital currency from people who lack understanding and have not been well educated why this happened.

altcoins play a very important role in the crypto world, even having a very large and significant impact, not a few people even know about bitcoin through altcoins first, altcoins are also an attraction for investors in the crypto world

It is a shame we do not have more of the former and less of the latter, altcoins which bring some sort of innovation to the market are always welcome, however how many of those coins are released each year? A few dozen if we are lucky and I am probably overestimating their numbers, but compared to the number of scam coins released each year their number is very small, which explains why so many people which are looking for good coins end up investing in scams, as they could spend months reading white papers and not find a single good coin.

They're actually but not all and not more important than Bitcoin as they remain as alternatives no matter what. ETH, XRP, Monero, Polygon, and many others had played some roles that it was impossible for Bitcoin to perform. That is why people had take this as their option and a reason why they still exist despite the number of altcoins and market tough competition - this is what we called "use-case" which most of the altcoins don't have.

Yes, broadly speaking Altcoins offer an alternative to users who are looking for features that Bitcoin lacks and have also helped in creating healthy competition among cryptocurrency projects, driving innovation and the development of new technologies. Without this competition I don't think the cryptocurrency industry would have developed as fast as it is today.

However, the presence of altcoins can also be confusing for new users and make it difficult to choose which asset to buy. In addition, some altcoins can also be scams or have unpromising long-term prospects.

It's true that basically everything has its own role in this cryptocurrency industry,
however we cannot underestimate the role of altcoins,
what is clear is that all of this makes the cryptocurrency industry grow and that's good.

I completely agree that cryptocurrencies have innovated the cryptocurrency market and broadened the scope of what blockchain technology is capable of. For instance, several alternative currencies have aimed to outperform Bitcoin in terms of transaction speeds, fees, or privacy. On top of their blockchain, other companies have added smart contract features that let programmers build decentralized apps.
Before purchasing any cryptocurrency, including altcoins, investors and consumers should use caution and due research. The cryptocurrency industry is mainly uncontrolled and decentralized, which has regrettably resulted in an increase in fraudulent schemes and practices. As a result, some investors have lost substantial sums of money to shady ICOs and other frauds.

Certainly, altcoins have played a significant role in the development and adoption of cryptocurrency. While Bitcoin remains the dominant player, altcoins have addressed some of the limitations of Bitcoin and introduced new features and use cases for blockchain technology. This has increased the overall interest and adoption of cryptocurrencies in the global market. However, it is important to note that the presence of scam projects among altcoins has also had a negative impact on the industry's reputation.

BTC Best Option and true, But generally Altcoins still have a place in the hearts of their users and these investors provide more options to diversify their portfolio in the cryptocurrency market. Investors can choose to invest in altcoins that have strong use cases or growth potential and can help them make undeniable profits as well. There are also "shitcoin" projects and scams that can cause investors to lose their money within days if the wrong choice is made. but if they choose wrong.

Altcoins help cryptocurrency adoption for sure, there are a lot of altcoins with many utilities that Bitcoin doesn't have. just like its name altcoins tends to become alternative to Bitcoin since some of them have lower fees compared to Bitcoin, some of them have NFT and metaverse that Bitcoin doesn't have, and many more. Without altcoins, I'm pretty sure the crypto industry won't become this big.

Any altcoin that brings anything new to the ecosystem is a welcome addition even if the coin eventually fails, as without it we would never know if such a concept had any chances of working at all, personally I have no problem with such altcoins as we need them, since they can test things that could not be implemented on the bitcoin network due to its massive popularity, however the coins which bring nothing to the market and that are created by scammers just hoping to strike rich are a plague and I hope they disappear and never comeback.

Altcoins do play some important role in the crypto industry to be honest Bitcoin isn't perfect. There are some flaws yet that needs to be fixed. Altcoin are trying to improve those bitcoins limitations and flaws. They've brought in more diversity in the crypto industry, having different use cases and trying to make the financial system decentralized. Look at Ethereum and you will know what I am saying. But then, there are those "shitcoins" and scam projects that have hurt the industry's image. They make investors reluctant to buy crypto currencies once they become a victim of those shitcoins.

  -    true what you said that a lot of developers got rich because of cryptocurrency, because every coin or token should treat it like a baby were they take care of that if you take good care of it for sure you will benefit in the end.

In which most of the altcoins also have a real risk, although I believe that altcoins can also help bitcoin and the same goes for bitcoin and altcoins as well, as if they work together vice versa.

I agree that altcoins have played an important role in the cryptocurrency industry. While Bitcoin was the first and most well-known cryptocurrency, altcoins have expanded the market and introduced new innovations to the industry. Altcoins also provide investors and users with more choices, allowing them to choose a coin that better suits their needs and preferences. Well, Apart from that, competition among altcoins has driven further development and innovation in the industry, ultimately benefiting all cryptocurrency users.

The purpose behind diversification is to protect your capital from suffering big drops by investing in different assets and in this way to reduce that risk, investing in altcoins may seem to be a way to diversify your portfolio, as now you have different assets in the very same market, so for some this could be a way of diversification, but for me, and for many people, such a strategy will not allow you to achieve the purpose behind diversification, which is capital protection, because as we know altcoins have a very high degree of correlation with bitcoin, making pointless to hold them, as you could just have invested all of that money bitcoin and save yourself the trouble.

Altcoins are created by promoting cryptocurrencies. If there were only Bitcoin, I think cryptocurrencies would not be as popular as they are today. Altcoins have played a role in introducing cryptocurrency to the world and attracting many Investors into it. Indeed, BTC was the first coin that was very popular at that time, but I think the existence of ALts also had an important role there.

Alternative crypto currencies have played an important role in the crypto currency industry. All of us know that Bitcoin is the mother of all crypto currency, it is the most well-known and most valuable cryptocurrency, while alternative crypto currencies has different features and uses that attracts different investors and users. Other altcoins are designed to focused on privacy, while  others are focused on faster transaction and lower fees. Alternative crypto currencies helped to diversify the crypto currency market and provide users with more flexible options.

What do you consider diversification? The basic meaning of diversification is to have multiple items of the same category or sometimes from different categories regardless of their value or relation to each other. So I don't understand why you say that having altcoins in your portfolio is having diversification when it clearly is.

Only because the price of altcoins moves along Bitcoin, it doesn't mean that having altcoins isn't considered a diversification of your investment. An altcoin and Bitcoin have different growth rations that is based on their price.

The fact that even if it was rare, some people made a lot of money via altcoins allowed people to think that it was possible to get rich, which brought in a lot of people. This had one good thing and one bad thing about it, good thing is that there were a lot of newbies who were interested in crypto in order to become like those people who got rich and they wanted to replicate that luck, the bad thing is that most of them failed and they lost their money so they are doing terrible at the moment.

This is why it's both a good and bad thing together, a lot of money got in, but a lot of it changed hands, if it ended up with people who stayed in the crypto world, that's good, but if it ended up being cashed out then it wasn't a good thing in the end.

"they have also led to competition and fragmentation, and have opened up opportunities for scams and frauds" I think This is a valid point - while altcoins have brought many benefits to the cryptocurrency industry, they have also opened up new opportunities for scams and scams.

It is true that altcoins have had a significant impact on the cryptocurrency industry, both in terms of introducing new ideas and expanding the user base. Many altcoins have introduced new functionality and use cases that have helped drive innovation and progress within the industry as a whole.

Altcoins are useful in the sense that they are a sandbox for bitcoin, they can test all kind of new features and if a few of them are useful then the bitcoin developers can add them to the bitcoin code, unfortunately only a minority of altcoins bring enough innovations to this market, the rest of the altcoins that we have in the market are nothing but copies of other coins or outright scams, and as such those altcoins are completely useless and the only purpose they hold for most traders out there is the ability speculate with them.

You're actually right. The altcoin developers have been expanding the usability from the crypto. I remember once bitcoin being released and then the ethereum developers were coming and they gave big change to the bitcoin source code.
Ethereum was borning during that time. It's still exist till now. Altcoins have been contributing a lot to the crypto ecosystem right now.

It's hard to accept this but this is the fact, many usabilities came from altcoins.

 altcoin has undoubtedly make cryptocurrency more colorful, with the presence of smart contract based token and dapps which honestly makes the whole cryptocurrency ecosystem more interesting.
they are always bringing some kind of innovation even if some of them are outright ridiculous but the market decide which are worth to keep, so therefore its role is rather vital.

I think main role of altcoin in Cryptocurrency world is to increase more adaption. I think it helps to expand the crypto world beyond just Bitcoin. Although we know that bitcoin has a main role in cryptocurrency, still its main goal is to accelerate the use of cryptocurrency in some respects, as well as to eliminate various transaction issues.

Overall, Altcoin helps cryptocurrency to thrive on adaptation. I don't think cryptocurrency will become well known today if there are no altcoin and if bitcoin is the only cryptocurrency that we have. Bitcoin is indeed dominant in the market but I'm sure that majority of the newbies last bull market entered the market because of a certain altcoin they are following or even new trends such as NFT's. Big altcoin players such as ETH, BNB and other tokens played a huge role in adaptation. The current projects today is focused in creating new trends by improving past technologies of old altcoins. Altcoins are evolving and being replaced by a new generation token that can attract people in using cryptocurrency.

As the word suggests, alternative, and I believe that is regarding Bitcoin which is the biggest coin in this industry. Altcoins are simply alternative coins in which investors could engage themselves with. Also, altcoins represent new projects being introduced and being released in this industry. Most of the time, altcoins are having larger market price increase in comparison with Bitcoin and the reason behind this, is token supply, volume, and demand. Altcoins are known as well for short term investment. And I think that is all with the difference. With regards to advantage, altcoins are the alternative investment, investors could engage .themselves,with proper trigger management.However, its alikeness with others are demand which gives me hope to be better in the future.

Altcoins have introduced new concepts and functionalities to the cryptocurrency industry, and have both positive and negative effects on the adoption of Bitcoin. While they have helped to develop the underlying technology and introduce new users to the market, they have also led to competition and fragmentation, and have opened up opportunities for scams and frauds. Overall, altcoins have contributed to the evolution and progress of the cryptocurrency industry.

There is no doubt in the fact that altcoins have helped in the publicity of the cryptocurrency industry and their various hypes have helped to bring cryptocurrency into mainstream awareness, even though we can't deny the fact that, altcoins have also influenced the negative perception about the true intent of cryptocurrencies like bitcoin which provides better alternatives to fiat and as a good asset to hold.


And also some of the altcoins have provided some specific services that contribute to the scalability of the cryptocurrency industry and make the transaction easier faster and more flexible.

Many exchanges began to introduce KYC, also more than 100 countries created tax and regulatory rules for bitcoin, many banks integrated with bitcoin and began to offer it to clients. That is, bitcoin became more transparent and began to gradually come out of the shadows, and the wave of scams moved to altcoins and various DeFi.


Even some developers of decentralized protocols are already thinking that this industry urgently needs regulation, otherwise there will be no further development, adopting a slowdown.

All of them contribute to the growth and through the developmentechnology in which there is a large percentage of investors coming from the developed countries who are into Bitcoin, because Bitcoin has been accepted in various forms as a payment in many countries which are in fact becoming more more popular.   
So it can be said that there are a couple of factors, although they have all been present from the beginning, namely the adoption of Bitcoin, and secondly, the growth of the growth of the project, which is also the first part of this Bitcoin network.

Ether paved way for nfts and defi, nft brought several huge companies into crypto space. Steem/Hive people create/curate content and make a living.


Is it tho? Any decent trader/investor converts their profits from alts to btc.

Due to the high cost of Bitcoin, not all investors opt for it and instead choose alternative cryptocurrencies known as altcoins to participate in the cryptocurrency market. Altcoins also play a significant role in the adoption of cryptocurrencies, alongside Bitcoin, although it cannot be denied that Bitcoin is the safest cryptocurrency compared to other altcoins in the market. Both BTC and altcoins are crucial for the global growth of the crypto market. It is important to exercise caution when investing to identify and avoid fraudulent projects.

Almost all your points are correct, however the only one I would dispute is the second one of the positive aspects of altcoins, investing in altcoins does not really bring you any level of diversification, it may seem this is the case as now you are holding many different coins, but this is not true, as if you take the time to make a correlation analysis you will notice that most altcoins are heavily correlated to bitcoin and as such bring no diversification at all to your portfolio.

I think the OP has his own answer, doubting the role of altcoins in this market is really contradictory when looking at the entire evolution of the crypto market. It won't depend entirely on one party, and what altcoins deal with has really been exposed as well as the impact on bitcoin. Personally, I don't want to be too specific about the role of bitcoin or altcoins as a whole, because as I said earlier, the development of the market depends not only on one factor.

It is very obvious the role alts have played and still playing in the entire crypto space. You should start with eth smart contract, thanks to alt and eth smart contract is possible and useful in crypto.
what about defi, gamefi and nft, these are possible today because of alts, the number of people interested in decentralize finance are increasing on a daily basis because of its easy accessibility feature.
NFT is taking the crypto space like a storm, anyone who has spent few weeks in crypto understand what i mean, companies and top people from different industries are involved in nft and this is because of alts.
Gamefi is gradually coming up, web3 gaming is going to be the next big thing and will completely change the traditional gaming system. These and much more are all as a result of alts.

Altcoins have played positive and negative roles in this space

Positives
 1. High Growth and Profit Potential, 2. Diversification,  3. Unique Features that differentiate them from Bitcoins e.g. Smart contract, Storage, AI, NFTs, etc.   4. Lower Entry Barrier Investors with limited capital can invest in Altcoins successfully

   
Negative roles

1. Higher risk of scams. 2. Limited or No use cases. 3. Mostly Pump and Dump project  4. Copy and Paste ideas with the market saturated with Altcoins

In my opinion, the presence of altcoins has opened up new opportunities for innovation and growth in the industry where Altcoins have played an important role in the cryptocurrency industry by offering alternative solutions to the limitations of Bitcoin.

I think that altcoins have been developed to solve various problems with the Bitcoin network, including scalability, transaction speed, and privacy and have succeeded in increasing the adoption of cryptocurrencies while on the other hand some other altcoins have been associated with fraudulent projects and had a negative impact. industry.

Altcoins are cryptocurrencies other than Bitcoin, created to solve the limitations of Bitcoin. They can play an important role in increasing Bitcoin adoption by bringing diversity and enhanced features to users. Not all altcoins have value and stability, and some projects are scams or unreliable. Therefore, care should be taken when choosing altcoins to invest or use. Having crypto alternatives can help with growth and adoption of cryptocurrency in the global market, because diversification will help accelerate adoption and use of cryptocurrency. However, the presence of these solutions can also cause negative problems, such as the debate about the differentiation between cryptocurrencies and the difficulty in managing and ensuring the security of the cryptocurrency. So, finding cryptocurrency alternatives can be beneficial for the industry, but it is necessary to carefully evaluate projects and ensure safety and security.

I will agree with you in this regard. An investor will naturally break down when he falls for a scam by investing in top altcoins. In 2022, when Luna and FTX scammed investors, many investors lost their money and the image affected the entire crypto market. At that time there was a massive decline in investor confidence. However, there are still few altcoins that have created a positive environment in the market and will be able to create a good position in the future. In particular, the top 10 altcoin investments, including Ether and BNB, can be seen with great enthusiasm and excitement among investors. Everyone's financial situation is not the same, moreover, it is not possible for many to have the amount of money needed to invest in Bitcoin, so the top altcoins will provide a good support for those investors and obviously altcoins play an important role for the inclusion of those investors.

True, in the initial stages there were a lot of pump and dump and scams happening in the name of bitcoin.

Which regulations in this case?

Anonymity leads to scams if not regulated or verified. That is why it is both an advantage and a disadvantage. People cant trust crypto because of this and the number of scams that run with the help of that and the internet continue at a constant rate.

Not a major number of regulations have been done yet, it would be worth seeing some happen in future too.

I am not so sure that I agree with this statement, some altcoins have indeed bring innovation to this market, but how many coins actually did that? A few dozens at most, but way more altcoins were created which have done nothing but create a negative impact to this market as they scammed everyone which was naive enough to trust on the developers behind those coins, so if I were to weight both sides I would say altcoins have brought way more negatives than positives to this market.

There were only selected few altcoins who have filled the limitations of Bitcoin, mainly the scalability problem. I can say these altcoins have positively impacted and helped Bitcoin to be widely recognized as a currency globally. Though, all of these thousands of alts in the market miserably failed in replacing Bitcoin, but then again there are few who successfully became an ALTERNATIVE of Bitcoin, but the rest of these thousands of alts were useless and gets a negative impact on cryptocurrency generally, because they are either redundant/shitcoin because there are already a lot of altcoins created with the same utility over and over again or a total scam - this scares away a potential crypto/Bitcoin investors.

So, to answer the first question above, the role of altcoins in cryptocurrency is simply being an ALTERNATIVE of Bitcoin.

For the second one, Yeah! It used to help the adoption of Bitcoin/crypto before, but these days shitcoins doesn't make any impact. Bitcoin and a handful of alts are the ones who have continued to make more adoptions and progress now.

altcoins have so many positive impacts to the ecosystem compared with negatives impact. As you can see that altcoins were helping native coins to be transfered with low fees. It was also making more and more innovations that can also expending the ecosystem of cryptocurrency.
Altcoins have been playing very important roles in the cryptocurrency industry at this time. I just said based on the fact. The adoption was also coming from altcoin as well.

The role of altcoins is to help crypto users own more bitcoins by trading them. This can be seen in the market, where many people trade altcoins with stable coins or bitcoin pairs. If they are lucky by getting a lot of stable coins, they can buy bitcoins at low prices when corrections occur. And if they profit from bitcoin, they can hold the bitcoin and sell it when it goes up.

So I feel that the presence of altcoins in the market contributes to many people being able to have bitcoin as their end goal by trading those altcoins. But unfortunately, many people cannot find the right altcoins to achieve their goal of owning many bitcoins.

Bitcoin, too, in its early days, had a hand in being associated with all sorts of shady dealings and fraud. Then, when regulation began to come into the industry, these associations were greatly reduced, but altcoins have intensified this effect over time. The paradox is that cryptocurrencies imply anonymity and decentralization, but where this very anonymity and decentralization is present, that is where fraud happens, if we talk about altcoins. You need a very fine balance between anonymity and trust in cryptocurrencies, and you can't do that with altcoins.

Most people are talking about Altcoin's role vis-a-vis Bitcoin. Or whether its positive or negative. If we talk about what role they have played, I think Ethereum has played the most important role by actually making the concepts of smart-contract and Web3 popularized. Ethereum first came up with the bold claims about launching a decentralized world computer which would enable everyone to execute smart-contracts. Of course, the UI/UX, Speeds, scalability, trustworthiness, regulation, standardization etc etc all went to shit because of the ERC-20 standard.

The next biggest role of Alt-coins is the concept that somehow you can keep launching new blockchains with different architectures and consensus mechanisms and keep trying while getting paid to do all of these experiments on user's money. This has been one of the main roles. It has made it so easy to raise money that gangs of criminals and shadow governments (Read North Korea) are doing it all the time.

Propping up the N. Korean regime with the billions that they regularly hack/ fleece/ phish is also another main role altcoins seem to have played.

Finally, The minecraft wannabes like Decentraland made the concept of Web3 look feasible enough that Zuck almost committed hara-kiri with facebook/ meta in his attempt to ride the hype train. Hence, getting the world rid of facebook is probably one of their most important indirect roles.

Bitcoin remains the main and dominant cryptocurrency and that is for sure but its limitations have hindered its wider adoption and scalability.

The presence of altcoins itself, especially now with more users, makes it an option and opportunity for investment and trading. yes. There are many altcoins that have played a significant role in the growth and adoption of cryptocurrencies in the global market and Altcoins have provided a solution to many of the problems that Bitcoin faces, such as transaction speed, scalability and privacy.

Maybe I think this is what causes increased competition and innovation in the industry, which eventually leads to the development of new technologies and improved features for Bitcoin and altcoins and I think this is natural and has a positive impact on the market as a whole.

I don't think so. When we hear about cryptocurrency for the first time we are immediately fowarded to Bitcoin currency. Bitcoin controls the market, so it's likely Bitcoin helps increasing altcoins' adoption and not the opposite.

Yes, they help cryptocurrency marketcap to increase, although they aren't the main motor of the market, rather they are small gears that boost its power to maximum efficiency.

I believe the main impact of altcoins on the industry is to proportionate professionals from the informatics field to train and improve their skills, developing new knowledges and usecases for all the acquired abilities. Many developers got experienced working on blockchains and launching their own tokens, what helped them finding better jobs' spots at companies in a global level.

Yes, I think bitcoin and altcoins are very closely related and the role of altcoins is to create a bridge for bitcoin to be more widely accepted, adopted and disseminated.  And vice versa, bitcoin players will also easily diversify their portfolio according to their needs.  That is like a seamless link, it helps the market become stronger, more solid and more active.

it sure can be said that altcoins could be considered to help the adoption by the global market and it can't be denied,
defi as a cryptocurrency that is revolving around smart contract product, is really well known among many people, overall, if someone says that altcoin in general didn't contribute to the growth of cryptocurrency market capital, then I guess nothing did.

Yes I believe the altcoins have further fortified the increasing rate of the use of bitcoin. The shit coins especially have given adopters of bitcoin more conviction to hodl, buy more and introduce new hodlers into the fold of bitcoin. They say being scammed once,you try to avoid a second occurrence so it is this experience that increase the hodling of bitcoin and halving of bitcoin is a moment that ensures more awareness.


Altcoins are a positive publicity for bitcoin. If bitcoin only existed I don't think the growth will be this strong because market that has no competition is a monopolistic market which means choices will be absent and variety will be absent then the full benefit of the market and utility to users will not be fulfilled. Altcoins play this role of cryptocurrency market competition and making it demonopolistic.

The role of altcoins in the crypto currency industry has its positives and negatives so far that I have noticed, we know that bitcoin is the center of all existing coins and altcoins are children of what bitcoin cannot do.
We know that most of the Altcoins have centralized authority developers in certain areas and there is no anonymity in their development, say like ETH or BNB which we know where and who the developers are, they also openly offer their services to the community directly with display advertisements for their products that are paired with bitcoin so that without bitcoin developers doing advertisements there will be many people who will advertise it as the main coin and of course everyone will get to know bitcoin through advertisements carried out by altcoin developers.
However, the bad impact is that the use does not focus on bitcoin because it has other alternative choices and when ALtcoin, which already has a large ecosystem, then experiences a failure in its project, it will have a negative impact on the development of bitcoin adoption, which triggers doubts and fear of investors.

Yes, that's one of the bad effects of altcoin mining which is used as a suggestion for a ponzi scheme or fraud to steal CD money and even worse than that like Squid Games tokens and many others. And basically bitcoin has no relation whatsoever to coins like that and even all altcoins. Yes, we are still lucky that there are people who can straighten out every bad incident.

there are quite few altcoins that actually contributes really, one of the most prominent contribute that is ethereum with their revolutionary blockchain that i could think of, I think overall it's just infested with so many meme coin basically shitcoin using animal name, which is kind of ridiculous but they've got their own category in which there are many that invests, i'd say, some of them are truly contributes, but many also just taking advantage.

This is true to the core, no wonder the name of bitcoin and crypto is tarnished because of the number of scams that altcoins have pulled off and the common people would not separate the two. There are also these HYIP/MLM which have been scamming people for years and no law enforcement to dig them out. That gives a bad name to crypto related investments.

Mostly the pump and dump whales who are bagholders and manipulate the coin prices in order for their own game. The devs and advisors usually have their share once the lock-in periods end and after that it is a wild west.

I think altcoins have played a rather negative role in the life of cryptocurrencies, forcing many governments and regulators to tighten laws and regulations on cryptocurrencies. It's no secret that most frauds happen with cryptocurrencies, new scams appear every day, investors constantly lose their money, wallet hacks, rug pulls and phishing attacks take place. All this negatively affects the reputation of altcoins themselves and the industry as a whole. Altcoins are mainly used as a means to enrich a narrow circle of people, and everyone else just loses money on these coins.

That is good mate, and please don't get me wrong on the views because it seems you have some misunderstanding of some of the terms I used in the thread well after reading your entire comment I discovered that we both are on the same page on this and that gives me much relief.


Of course, Bitcoin scalability issues have been resolved and this I am very much aware but to some Bitcoin newbies why there are altcoins is because Bitcoin failed to meet some demands such as networks and fees this has been long resolved with the various clean energy for Bitcoin miners and also layer 2/networks such as bitcoin lightning network to solve other issues faced in the network.

I don't think the adoption of Bitcoin is slow, can you give me which country accept altcoins as a legal tender? I believe you can't because there's no country accept it, while Bitcoin had been accepted by 2 countries.

Bitcoin's scalability issue has been resolved by using lightning network, don't forget the largest altcoins has higher fees than Bitcoin

Those altcoins who trying to solve the scalability issue are scam, it's obvious if new network isn't busy like the old network. So any new network is always cheap, but it will always expensive in the long run.

I think when you have multiple choices of altcoins created every month and not most of them are legit and are just a bunch of scammers who wanted to confuse investors about their new ideas about their platforms but in the end they will disappear and leave their investors hanging, it will just gonna ruin the crypto market and at the worse scenario, people will lose trust on bitcoins itself the mother of all cryptocurrencies. Thankfully we have people who are not tired of clarifying things when the scammers are doing their evil things and most people believe that bitcoins have nothing to do with it and so as the top altcoins in the crypto market.

Positive in my humble opinion. Because the development of the entire technology directly occurred with the help of the appearance of various accompanying altcoins. Many really gave impetus to the use and expansion of other networks based on their blockchains. And those, in turn, gave rise to the development of new projects. Many of the below are successfully applied at the moment

Altcoins have played a significant role in the cryptocurrency industry by providing alternatives to Bitcoin and addressing some of its limitations.

Ethereum have introduced smart contract functionality, which has enabled the development of decentralized applications (dApps) and the creation of new tokens.
Ripple have focused on improving transaction speed and scalability.

The presence of altcoins has also led to the proliferation of scam projects and fraudulent activities in the industry. This has created a negative impact on the industry and has led to increased regulatory scrutiny.

I think their role is to show the world that cryptocurrency exist and because of that some people think that a random altcoins that they heard from someone is the legit coins although it gather a chance to let them know Bitcoin or perhaps they heard/saw Bitcoin on TV/News. Perhaps some of these altcoins are made just to copy Bitcoin so that they could create their own monopoly and controlled coins such as fiat that they can exploit anytime they want but due to the conflict of being a centralized currency most people now choose Bitcoin because it's decentralized that no single entities own it. And most of the time altcoins are just being used for pump and dump to make money out from investors while the others it's just a shit coins with no other purpose.

That is the perspective most altcoin holders are basing their argument on BTW altcoins have not really performed that rule in easing the stress that comes with cryptocurrency transactions and in lower fees and faster transactions because both problems are still experienced in 80% of the altcoins we have around only 20% or less have solved that scalability problem and even at that, there is still time we experience some sever networks problems on those networks that will outweigh there potential.


So for that I think there is no peculiar problem as regards to scalability that altcoin have really solved in the real sense of things, but from your point and my understanding, I realized that scalability is what altcoin development is based on even though there are no scaling in the industry.

For me, there are positive and negative effects the negatives are the ICO and the too many scams brought by altcoins, the algorithm of these altcoins made it easy for scammers to scam investors, and the airdrops and the smart contract address interactions brought by these altcoins.
The positive effect is the investors and the community has more choices of blockchain that they use for their own industry like the Ethereum chains are being used in many industries paving the way for adoption.

For me altcoins are playing a very vital role within the crypto space. I mean we are not in 2012 or so anymore. Nowadays the crypto market is way more than just a little niche market that is interesting to a few IT nerds, programmers and privacy enthusiasts. I think that without the introduction of Ethereum and it's smart contract functionality, the whole crypto market would be way smaller than it is today, like at max a 1/100th of it's current total market cap or so. Of course it also has to be said that nowadays there are just way to many altcoins appearing each and every day and it feels like 99% of those new projects are just new stupid meme-coins that are dead again within a few days. That is not good for the market, because it takes away attention and money from "real" projects.

Depends on someone perspective regarding altcoins. We could say that this question arent for bitcoin maxis. Since they hate it. But the way I can see it. Altcoins help in determining more convenient ways to do transaction and ease the reality of using crypto in a cheaper and much easier ways. Well some cant recognize that cause they have their own opinion. But Im saying not all altcoins are useful as such since some also are created just for fun and capitalize on hype. So its still a case to case basis.

Apart from making a fool of the investors who think that making money is easy that the next bitcoin is some shitcoin, the altcoins have show how gullible people are and how easily they go into easy talk from a bunch of scammers posing as developers of a coin.

They may be helpful as an "alternative" to bitcoin when bitcoin fees become too much to bear but their sole purpose is not that straightforward. If they were going to strike somewhere what bitcoin has not done yet then only they would be different and a develop a separate userbase.

Most of them ending up as scams and bankrupt coins shows that there are things to work on but possibly bitcoin will not be toppled over by another.

Except for a few altcoins which have be a legitimate use case, like it is the case of privacy coins, and as such we can say they had a positive impact on the market as they move it forward, the rest of the altcoins on the market have a negative effect not only on bitcoin but the market in general and the rate of adoption.

After all how many newbies have heard about this market, invest in a shitcoin, lose everything and then leave this market for good? No one really knows the answer to that, but it would not surprise me if the number was in the range of millions.

I think people don't look to bitcoin or altcoins for these things. The market has changed a lot now, there are things that are seen as speculative assets more than applications in life. Although we also have altcoins that can solve that problem, I think it's just a matter of applying and adapting to human development, there will be useful new things we create and turn it into. tools for life. Personally, I see the altcoin environment as being quite positive as I see the diversity with many different fields that can be combined with blockchain technology.

It is not a limitation but just built for different purposes. Bitcoin scallability is iteratively improved and it can't be said as a failure either for adoption or scalability. Other altcoin might develop a shorcut to contrastly improve the scalability features, but at what cost?

As I have said, altcoins are also built with a different purpose from Bitcoin, they have pros and cons, it does not make them superior to the others. Note Bitcoin has limited smart contract capabilities or things that can be incorporated into its blockchain, but on the other hand, some altcoins are specifically built for the purpose of creating applications within the blockchain.


Both Bitcoin and altcoin play a role to increases cryptocurrency awareness, but I don't think it helps significantly.

I think altcoins have had both positive and negative impacts on the adoption of Bitcoin and the growth of the cryptocurrency market. This mean, increased awareness and interest, which has led to more people investing in and using cryptocurrencies.

In other hand, there are so many scam projects and pump-and-dump schemes that have caused skepticism and fear, which could potentially slow down adoption.

For my opinion, altcoins have helped the industry by pushing innovation and expanding the use cases for cryptocurrencies, but they've also brought challenges like scams and market manipulation.

I believe that the presence of alternative cryptocurrencies has been a net positive for the industry, as it has forced everyone to adapt and improve.

Bitcoin is a unique cryptocurrency, and I don't know why some people keep saying it's days of domination are over. It's one of the few projects where the creator or developers never thought about profiting from.

Look at the rest of the copy-cat altcoins and Blockchains. The owners create them so that they can become millionaires or Billionaires overnight. The intentions to create the project as a solution to the many problems surrounding us today are very minimal.

Cryptocurrency other than Bitcoin gives competition to the market, contributing to the impressive development of the cryptocurrency industry.  Aside from that, altcoins also help in the proliferation of crypto adoption.  There are lots of crypto enthusiasts that were brought by altcoin advertisement that gives good contribution on the cryptocurrency economy.


Altcoin may be a competitor of Bitcoin but it plays a significant role in attracting people to the cryptocurrency industry and later on adopting Bitcoin after proving that the Bitcoin economy offers better.


It does both but I can say that the positive effect outweighs the negative because these people who were attracted by altcoins are eventually converted to participate in the Bitcoin market.  There may be lots of scams sprouting everywhere but the positive effect of some established crypto will never be outweighed by these scam projects.

There are some cases where altcoins cover other sectors or industries that fave the way for the adoption of Cryptocurrency, like Ethereum and Binance but many altcoins are just a nuisance and just want to copy the success of other successful altcoins, if an altcoin is not bringing anything in the industry it's a shitcoin that needs to be avoided.


Well we have the centralized exchange Binance and Kucoin with their own tokens so we can say that it somehow helped fast-track's
Bitcoin's adoption and there are industry-based altcoins and it helped increase the adoption of one sector of Cryptocurrency, altcoins are not really bad as long they have a platform and usage that contributes to the growth and adoption of Bitcoin.

Altcoins have made a significant impact on the cryptocurrency industry, arguably even more so than Bitcoin, due to their continuous evolution and innovation. These alternative cryptocurrencies offer a diverse range of applications, improvements, and use cases that address various limitations of Bitcoin. By introducing new features, scalability solutions, and focusing on niche markets, altcoins have been able to capture the attention of investors and users, propelling the overall growth and development of the crypto ecosystem.

Great question mate, I would say Altcoin has actually played a pivotal part in the growth of crypto-currency. Alternative coin has been able to give many an option aside Bitcoin which many see as expensive.

Also networks like that of Ethereum has been able to easy transactions process and has even been used by many other tokens, generally Altcoin is a big part of the crypto fabric and would still be relevant in the future.

I see that altcoins play an important role in increasing Bitcoin adoption by helping to speed up the payment process and widen the adoption of cryptocurrencies in the market. However, there are also many altcoins with no real value, even scam projects. In addition, the instability of value is also one of the reasons for the failure of some altcoin projects.

Many altcoins have been developed to get more bitcoin or make developers rich, otherwise most of them are Bitcoin with simple adjustments that do not require a unique programming skills.

It has a negative role, most of these altcoin lose their value over time and instead of increasing the demand for bitcoin, they take part of the market share and do not provide anything unique.
The effect of all altcoin is equal to 10% of the effect of bitcoin, yet it takes more than 50% of the market capacity.

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?