Yeah, I agree with you. If there were no competition then Bitcoin won't be what it is today. When you are presented with only one choice you may take it or you may not. But when you are presented with multiple choices, you ask yourself which one should be better if I have to choose one. And then you start to do your research and you choose the best one. This applies to not only just Bitcoin but to everything. This is a well known tactic in order to grow customers.
If something does not have any kind of competition, then its growth will be slower but here is the thing of not having any kind of competition. Once people get to know how good it is and what it can do, left with only one choice people will choose it by default. And the growth will increase like a spike rather than the up and down growth with competition. It will suddenly grow and keep on growing when there's no competition.
Both way, if the thing you are talking about is good enough for consumers, they will pick it despite having any competition or not.
Topic: What would happen if there was only one cryptocurrency, which is Bitcoin? - page 3. (Read 1050 times)
November 20, 2023, 02:17:56 PM
November 20, 2023, 02:10:34 PM
If all we have is only bitcoin then maybe people will not be having that kind of fear of investing into cryptocurrency knowing that all they have is bitcoin and it's reliable, i wonder how it would have actually been if there were no alts, i think one of the big promoters to those altcoins are exchanges, they almost always include every available shitcoins on hype in other for them to make money from them
November 20, 2023, 01:24:20 PM
Something came out in my mind recently:
How would the price of Bitcoin change if there were no other cryptocurrency than Bitcoin?
Would Bitcoin develop faster without a competition?
Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.
But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"
As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.
How would the price of Bitcoin change if there were no other cryptocurrency than Bitcoin?
Would Bitcoin develop faster without a competition?
Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.
But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"
As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.
Nah.. Bitcoin has no competition. In fact, I see bitcoin has currency like saying USD and EUR have competition..other coins are for profit-making whereby we take advantage of it to make money just look at Pyth and how people are talking about it "The hype" and"The season"
November 20, 2023, 09:00:32 AM
If bitcoin is the only crypto existing, then most likely it will have the same fate with fiat. Why? The longer it exists, the lesser value it becomes. The more number of people will get bored using it because there has been no competition that will spur for bitcoin to be more developed and more productive. So whatever it is when its started, then most likely its still the same when it ended.
However, with the presence of altcoins, the market becomes more alive with its healthy competition. And when people see that bitcoin improves, for sure the developers of altcoins will find ways on how to get an edge over bitcoin. So as long as competition exists, both bitcoin and altcoins will dare to be more innovative and responsive to whatever the demands of its consumers.
However, with the presence of altcoins, the market becomes more alive with its healthy competition. And when people see that bitcoin improves, for sure the developers of altcoins will find ways on how to get an edge over bitcoin. So as long as competition exists, both bitcoin and altcoins will dare to be more innovative and responsive to whatever the demands of its consumers.
November 20, 2023, 08:35:27 AM
I don't think that any alt coin can able to stay as strong as Bitcoin in the future.
Altcoin is a marketing coin or trading coin only.
It is somewhat true that some people came to know about Bitcoin through Alt-coin or altcoin Marketing. I myself came to know about Bitcoin through Another altcoin in 2014 but no coin can compete with Bitcoin. If there is no Alt-coin then the price of Bitcoin is very high. Because altcoin holders will buy more bitcoins.
Altcoin is a marketing coin or trading coin only.
It is somewhat true that some people came to know about Bitcoin through Alt-coin or altcoin Marketing. I myself came to know about Bitcoin through Another altcoin in 2014 but no coin can compete with Bitcoin. If there is no Alt-coin then the price of Bitcoin is very high. Because altcoin holders will buy more bitcoins.
November 08, 2023, 12:22:43 PM
If there were no other crypto currency then surely value of Bitcoin would have increased even further because of accumulated investment. But we wouldn't have got faster transaction and lesser fees which are yet is not available in Bitcoin
Though there are thousands of altcoins but they cannot exist as long as Bitcoin has survived with constant survival over various oppositions from goverment and banks, expect some Altcoin which has usage in daily life rest are just fooling investors with no real life use and don't even reach markets (new coins).
Responding to your point that the value of Bitcoin will be lesser if there is no competition I appreciate your POV but I have a different view on this which is tested in the past, let's rewind to pre 2015 days and see how many altcoins existed there were very few but still Bitcoins value prospered and this proves that compitition is not having any benefit on Bitcoin.
It would definitely make sense, all that money that went into alts would have gone into bitcoin, even if not all. That is why I keep saying that all these shitcoins are making the crypto world a lot worse, if we didn't had those shitcoins then we would have been a lot better and yet in the end we ended up with all these shitcoins and people spending money on them which resulted with hurting bitcoins top level.Though there are thousands of altcoins but they cannot exist as long as Bitcoin has survived with constant survival over various oppositions from goverment and banks, expect some Altcoin which has usage in daily life rest are just fooling investors with no real life use and don't even reach markets (new coins).
Responding to your point that the value of Bitcoin will be lesser if there is no competition I appreciate your POV but I have a different view on this which is tested in the past, let's rewind to pre 2015 days and see how many altcoins existed there were very few but still Bitcoins value prospered and this proves that compitition is not having any benefit on Bitcoin.
If those didn't existed, people wouldn't lose money on those and the price of bitcoin would have been higher, and unfortunately we are not there at the moment. It's part of the crypto world and we need to accept it and move on, not like there is anything that we could do about it, so we need to just accept it and move on. I get that it is not that simple and we could make sure that things are a little different, so we need to make sure that it goes as well as we hope it would, and could be done differently. Hopefully, we can see it grow bigger this time around.
November 07, 2023, 05:43:33 AM
If there were no other crypto currency then surely value of Bitcoin would have increased even further because of accumulated investment. But we wouldn't have got faster transaction and lesser fees which are yet is not available in Bitcoin
Though there are thousands of altcoins but they cannot exist as long as Bitcoin has survived with constant survival over various oppositions from goverment and banks, expect some Altcoin which has usage in daily life rest are just fooling investors with no real life use and don't even reach markets (new coins).
Responding to your point that the value of Bitcoin will be lesser if there is no competition I appreciate your POV but I have a different view on this which is tested in the past, let's rewind to pre 2015 days and see how many altcoins existed there were very few but still Bitcoins value prospered and this proves that compitition is not having any benefit on Bitcoin.
Though there are thousands of altcoins but they cannot exist as long as Bitcoin has survived with constant survival over various oppositions from goverment and banks, expect some Altcoin which has usage in daily life rest are just fooling investors with no real life use and don't even reach markets (new coins).
Responding to your point that the value of Bitcoin will be lesser if there is no competition I appreciate your POV but I have a different view on this which is tested in the past, let's rewind to pre 2015 days and see how many altcoins existed there were very few but still Bitcoins value prospered and this proves that compitition is not having any benefit on Bitcoin.
November 07, 2023, 02:42:18 AM
Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.
But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"
As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.
There are so many other factors aside competition that influence the price of bitcoin and one of them is the forces of demand and supply.
Currently, the availability of several altcoins is just like a joke compared to Bitcoin, the demand for Bitcoin is still very higher that all altcoins put together. Now, if there were no other coins, making Bitcoin the only cryptocurrency, everyone will fall back to Bitcoin and of course we know this will result in an increase in demand, thereby making the price of Bitcoin to be high due to its high demand and limited supply.
What you said is not wrong, if there is no competition from altcoins, bitcoin will receive more demand and the price will also increase. But on the other hand, it cannot be denied that there are many people who know this market through altcoins and centralized exchanges, and I am also one of them. Many people are attracted by the thousands-fold, million-percent price increase of altcoins, and they enter the market because of the altcoin hype.
Altcoins also play an important role in attracting newbies to this market, so without altcoins, it would be difficult for the cryptocurrency market to reach the level of popularity it has today. And if the market doesn't become popular, not many people will know about bitcoin. I think both bitcoin and altcoins are important in helping the cryptocurrency industry become more popular.
November 07, 2023, 02:28:33 AM
Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.
But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"
As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.
There are so many other factors aside competition that influence the price of bitcoin and one of them is the forces of demand and supply.
Currently, the availability of several altcoins is just like a joke compared to Bitcoin, the demand for Bitcoin is still very higher that all altcoins put together. Now, if there were no other coins, making Bitcoin the only cryptocurrency, everyone will fall back to Bitcoin and of course we know this will result in an increase in demand, thereby making the price of Bitcoin to be high due to its high demand and limited supply.
November 07, 2023, 01:45:13 AM
Depending if what are we seeing Bitcoin , some take this as investment while others as
currency so those two are different topic to tackle .
..Investment meaning having competitors because people nowadays are looking for alternative as bitcoin has a high price.
..Currency meaning there is no competition because this is solely to use as payment structure .
Exactly to be with , we have no Idea completely because we have not seen that happening .
currency so those two are different topic to tackle .
..Investment meaning having competitors because people nowadays are looking for alternative as bitcoin has a high price.
..Currency meaning there is no competition because this is solely to use as payment structure .
We don't know what would happen because we haven't seen BTC going big without existing altcoins. Altcoins already influenced the market and the whole internet a lot, and their existence was inevitable.
Exactly to be with , we have no Idea completely because we have not seen that happening .
November 07, 2023, 01:36:21 AM
Something came out in my mind recently:
How would the price of Bitcoin change if there were no other cryptocurrency than Bitcoin?
Would Bitcoin develop faster without a competition?
Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.
But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"
As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.
Of course Bitcoin offer solutions to P2P, anonymous transaction, store of value etc though there are other problems in the society that other altcoins proffered solution to, however if Bitcoin is the only cryptocurrency, I believe it demand would be very high thus prompting a high price, almost all crypto enthusiast, traders, investors, wage earners of the coins etc would depend solely on the coin that would trigger a very high volume traded on daily basis because there is no other competitor or alternative, however the existence of altcoins is also a welcome development though their pump in price depends majorly on the volatility in the price of Bitcoin. How would the price of Bitcoin change if there were no other cryptocurrency than Bitcoin?
Would Bitcoin develop faster without a competition?
Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.
But, in my opinion, the price of Bitcoin is lower if it does not have a competition. Why? Because if there is no competition, the buyer's thinking is "should I buy this or not?" however if there is competition, the buyer's mind is "should I buy Bitcoin or these alts?"
As a result, not just Bitcoin but other altcoins will benefit. So, rather than being upset or sad because there is a competition, we can look at it in a positive way.
November 07, 2023, 01:27:56 AM
We don't know what would happen because we haven't seen BTC going big without existing altcoins. Altcoins already influenced the market and the whole internet a lot, and their existence was inevitable.
November 07, 2023, 01:14:52 AM
That's the best scenario we could ever have in the crypto industry but what can we do? After the rise and fall of ICOs, lots of things have happened and people continue to make their own empire in terms of owning their own crypto platforms which makes it even hard to imagine that bitcoins will be the only one left in the world that people use it. If only investors did not rely so much on altcoins, they could have made a huge difference and helped bitcoins build a concrete stronghold in its price and decrease the chance of volatility.
Lets now discuss portfolio strategy. Playing the field, observing what works, and gauging the direction of the wind are all crucial. Why commit to just one cryptocurrency when you wouldnt wear the same clothing every day? My friend, accept the fact that this is a dynamic world or risk being rolled over. Alternative coins are here to stay and arent just backing Bitcoin; they're part of the band, contributing their own unique sound.
November 06, 2023, 03:26:59 PM
That's the best scenario we could ever have in the crypto industry but what can we do? After the rise and fall of ICOs, lots of things have happened and people continue to make their own empire in terms of owning their own crypto platforms which makes it even hard to imagine that bitcoins will be the only one left in the world that people use it. If only investors did not rely so much on altcoins, they could have made a huge difference and helped bitcoins build a concrete stronghold in its price and decrease the chance of volatility.
November 06, 2023, 02:06:00 PM
But let's accept it or not, Bitcoin quickly became popular because of altcoins. That's true; without altcoins appearing, I just think Bitcoin probably wouldn't reach the ATH of 69k$ each. It means that somehow altcoins have contributed a lot to the crypto space.
No bitcoin didn’t became popular because of them, when you mention cryptocurrencies the first thing even someone who is not into crypto will you say is bitcoin. Without altcoins bitcoin might have surpassed that amount because many people wouldn’t just go and invest in other coins and will have invested more in bitcoin and with high demand the price of bitcoin will go up and in turn the ATH might have gone past that price. Also without them many people wouldn’t be afraid to come into this space because cases of altcoins dumping after tricking people into investing wouldn’t suffice
November 06, 2023, 09:42:31 AM
That's the best scenario we could ever have in the crypto industry but what can we do? After the rise and fall of ICOs, lots of things have happened and people continue to make their own empire in terms of owning their own crypto platforms which makes it even hard to imagine that bitcoins will be the only one left in the world that people use it. If only investors did not rely so much on altcoins, they could have made a huge difference and helped bitcoins build a concrete stronghold in its price and decrease the chance of volatility.
November 06, 2023, 09:28:22 AM
Looking at the market capitalization, many years ago when there were not too many altcoins appearing, bitcoin dominated 70-80% of the market. But in recent years, bitcoin's dominance is only 40-50% of the market , meaning there is competition in the market between bitcoin and altcoins.
-snip-
Now that Bitcoin's dominance is being shared with Altcoins and many emerging shitcoins, it signifies that the crypto market continues to grow and more innovations continue to emerge.-snip-
Although Bitcoin's dominance is down, this is also the effect of some FUD and many investors exiting Bitcoin.
Bitcoin could even reach dominance above 80% in 2016-2017 and also reached a very extreme decline in dominance at 32% in 2018 which was a bear market that made the price of Bitcoin drop to $3k.
and now dominance is still quite good at 49.6% and this will continue to rise along with the Halving moment which makes many investors start to enter the market.
https://coinstats.app/btc-dominance/
November 06, 2023, 06:04:38 AM
Crypto space will not exists, because having other coins with Bitcoin is what makes this space a possibility, if it's all Bitcoin then we will get to talk only about Bitcoin, invest only in Bitcoin and it will be less fun, there will be no LTC, no Dogecoin and others, it will be more boring.
The existence of other crypto project is even why we have loads of people in crypto space today, do not forget that every Bitcoin holders have other coins too, they make money off other coins and buy Bitcoin with their profits, I might be wrong but people care more about making bigger return of investment, the only thing that's possible with other altcoins.
As for the value
Bitcoin will likely worth even more because some coins that are not even up to top 10 on coinmarketcap are still having millions of marketcap and liquidity, if all that are moved into Bitcoin it will pump the value even higher.
But the truth is the crypto space is now full of people because of altcoins, they are here for the moon shots, if people can be crazy enough to invest their money into the likes of Dogecoin and Shiba inu which is meme then this backed up my thoughts, it's always about how much more they can make out of something new and cheap rather than the old.
The existence of other crypto project is even why we have loads of people in crypto space today, do not forget that every Bitcoin holders have other coins too, they make money off other coins and buy Bitcoin with their profits, I might be wrong but people care more about making bigger return of investment, the only thing that's possible with other altcoins.
As for the value
Bitcoin will likely worth even more because some coins that are not even up to top 10 on coinmarketcap are still having millions of marketcap and liquidity, if all that are moved into Bitcoin it will pump the value even higher.
But the truth is the crypto space is now full of people because of altcoins, they are here for the moon shots, if people can be crazy enough to invest their money into the likes of Dogecoin and Shiba inu which is meme then this backed up my thoughts, it's always about how much more they can make out of something new and cheap rather than the old.
November 06, 2023, 06:04:17 AM
What I know is that it is not possible for bitcoin not to have alternatives, but it is very disappointing that most of the coins are centralized. But if bitcoin does not have alternatives which are the other cryptocurrencies that we are talking about, it would be better. Instead of people buying those altcoins, thinking they can not make enough profit in bitcoin, they would have rather invested their money in bitcoin if there are no shitcoins. But in this life, there would be alternatives, but bitcoin will remain the giant.
That's the best scenario we could ever have in the crypto industry but what can we do? After the rise and fall of ICOs, lots of things have happened and people continue to make their own empire in terms of owning their own crypto platforms which makes it even hard to imagine that bitcoins will be the only one left in the world that people use it. If only investors did not rely so much on altcoins, they could have made a huge difference and helped bitcoins build a concrete stronghold in its price and decrease the chance of volatility.
November 06, 2023, 05:35:46 AM
I don’t feel that bitcoin has any competitor to be honest and if they were no Altcoins the adoption of bitcoin doesn’t look like something that would be affected because even now the number of people that go into cryptocurrency are through bitcoin, so even without the other coins they will still come.
The price of bitcoin might increase only due to demand because without the Altcoins which promises huge returns and some people will to have invest almost all of that into bitcoin, which means a high demand of bitcoin than now.
Without altcoins many wouldn’t be in Disney world that they could be become rich over night from it and without them the scams done by fake or shit coins wouldn’t be there and the cryptocurrency space will actually gain the purity that bitcoin brings
The price of bitcoin might increase only due to demand because without the Altcoins which promises huge returns and some people will to have invest almost all of that into bitcoin, which means a high demand of bitcoin than now.
Without altcoins many wouldn’t be in Disney world that they could be become rich over night from it and without them the scams done by fake or shit coins wouldn’t be there and the cryptocurrency space will actually gain the purity that bitcoin brings
If we are only talking about Bitcoin, it was not created to compete with anything; altcoins only appeared because Bitcoin is decentralized and no one can control it. So in order for them to gain control, they created altcoins, because through this, they will have the opportunity to take advantage of people they don't know so they can get money from other investors.
But let's accept it or not, Bitcoin quickly became popular because of altcoins. That's true; without altcoins appearing, I just think Bitcoin probably wouldn't reach the ATH of 69k$ each. It means that somehow altcoins have contributed a lot to the crypto space.
Looking at the market capitalization, many years ago when there were not too many altcoins appearing, bitcoin dominated 70-80% of the market. But in recent years, bitcoin's dominance is only 40-50% of the market , meaning there is competition in the market between bitcoin and altcoins.
And I agree with you that, if this market did not have the presence of altcoins , bitcoin would not be as well known or have such impressive growth as it is today. If there are no altcoins, what can we compare with bitcoin and realize that bitcoin is the best to invest in? The role of altcoins should not be denied.
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