Topic: What would happen if there was only one cryptocurrency, which is Bitcoin? - page 4. (Read 1050 times)

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.

It is both good and bad for crypto. Good is that if there was no alt coin , all the market cap would have been for bitcoin and value per bitcoin would also been very high. Bad would be there will be monopoly which will hinder developments and growth.

But should investing in altcoins be called diversification? Diversification means both looking to increase profits and looking to minimize risk, but if you invested in bitcoin and then altcoins. I don't think you are diversifying to reduce the risk of your portfolio. Because the entire market depends on bitcoin and if bitcoin disappears then the entire market will disappear too. Allocation to altcoins is not considered investment diversification, if you want to diversify, invest in non-crypto assets.

Competition is what will bring to the market many new products with better quality and help users have more choices. But with bitcoin and altcoins, altcoins do not bring much innovation but instead are scam projects and make the reputation of the cryptocurrency industry worse.

It's an interesting question and one that's been debated in the cryptocurrency community. The impact of having only one cryptocurrency, such as Bitcoin, would indeed have both positive and negative consequences.

On one hand, some argue that the price of Bitcoin would likely rise significantly without competition. This is because Bitcoin would remain the sole digital asset for individuals and institutions to invest in, potentially increasing its scarcity and value. A limited supply, coupled with high demand, could lead to a significant price increase.

On the other hand, your perspective has validity as well. In the absence of competition, the market dynamics would change. When there are alternative cryptocurrencies, investors have to decide not just whether to buy Bitcoin but also which other digital assets to invest in. This competition forces Bitcoin to stay competitive and innovative. Without that pressure, complacency could set in.

Additionally, the presence of various cryptocurrencies allows for diversification. Investors can spread their risk across different assets to manage potential losses better. With only Bitcoin available, this diversification option would be limited.

Furthermore, competition has driven technological advancements and improvements in blockchain and cryptocurrency projects. Without that competition, innovation might slow down as there's no external force pushing for development.

Diversification is essential to modern personal finance and investment. Consider this: if Bitcoin is the flagship cryptocurrency, altcoins represent digital asset diversification. Your hypothetical scenario imagines all cryptocurrency capital flowing into Bitcoin. Would this be best for investors? Another issue is whether a lack of rivalry in any field would impede innovation. Bitcoin may have had 100% market share, but would it have evolved as fast without altcoins? While supply and demand dictate Bitcoin's value, altcoins give customers choices, which can make the crypto market more resilient and dynamic.

Anything that offers the same kind of service is a competitor. Although Bitcoin dominates the industry, there is no doubt that other cryptocurrencies are taking some share of the market.  

For example, a person that is into cryptocurrency have 50% of its portfolio to Bitcoin and the other 50% into the altcoin, just think if altcoin is non-existent,  the portfolio should have been 100% for Bitcoin and this 50% will contribute to the increase of price of Bitcoin in the market.

I agree that the price of Bitcoin is dependent to supply and demand, reason why if there is no other cryptocurrency around, Bitcoin would have way more value than when there is other cryptocurrency in the market.

If BTC was the only cryptocurrency, there would be no altcoins scamming people that's for sure, BTC and altcoins are intrinsic to each other, but they are not in a competition, altcoins do not have any value or usefulness, so they are only for gambling or an attempt to try and earn money.

BTC is a currency that is useful and has good use cases, if there were no altcoins, maybe many of the people interested in altcoins would use BTC instead, but we do not know for sure and i cannot predict if that is what would have happened, but i know the crypto world would have been a better place without altcoins.

Does Bitcoin have any competitors?

I think Bitcoin is independent and stands alone with no competitor; in fact, altcoins are trying to copy Bitcoin ways and properties, but they are always failing due to human error and emotions.


Bitcoin will have more value if altcoins are not created to spoil and scam people in the name of being a cryptocurrency and an alternative to Bitcoin.

Altcoins and Bitcoin are two different things that have different features; although there are similarities, we cannot compare them or even think of calling them competitors.
All altcoins are centralized, while Bitcoin is decentralized, transparent, and has no team to depend on when making decisions about the project.

I agree with you but I don't read anything about what will be the situation or what will happen if there's only one Cryptocurrency which is Bitcoin only and no altcoins. The price of Bitcoin doesn't change because of altcoin. The price of BTC depends on the market like it's supply and demand. What happened to Bitcoin right now would still happen like using BTC as one of the payment method accepted in a casino and other platforms .

Apparently, Bitcoin and AltCoins are like the Lion King and the sheeps which they can never be in set in a competition instead it is act of envy and imitation of AltCoins striving to meet up with Bitcoin that makes it seems a competition.

However, the price of Bitcoin does no way affect its investors as long as it does not capitalized minimum or maximum capital of investment rather, the flexibility as deflation in the market after a higher value being bought of the the Bitcoin.
Hence crypto industry would be a better place with just Bitcoin because it portray potentials that even AltCoins are yet to obtain.
 

Without altcoins, the value of Bitcoin would most likely not be as high as it is now. Of all, the moniker "Bitcoin" is likewise not all that well-known. Because altcoins, in my opinion, have contributed to the acceleration of Bitcoin's fame growth.

This is the reality, and while some of you may agree with me, others may not. Furthermore, if Bitcoin hasn't gained traction, it won't be introduced to the stock market, and without altcoins supporting Bitcoin, it's unlikely that any nation will embrace blockchain technology.

It won't be called a crypto market either when there's no competition in the first place. Competition makes the market more efficient and productive, and with the existence of alternative coins, it creates more challenge on part of bitcoin and vice versa, on how to keep an edge over the others. But we all know bitcoin has always the great advantages over altcoins, that no matter how stiff the competition is, bitcoin will always come out as the best crypto coin in the market.

That is why even with a lot of crypto coins that are born in the market, bitcoin will not be triggered. Not because its the one big giant in crypto, but because bitcoin is the lifeblood in the crypto market. And all other coins are just form out from the single image of bitcoin. That reason alone proves that bitcoin will always gain the highest advantage over other altcoins or shitcoins.

I think that price of bitcoin will increase because there is a limited number of bitcoin so whenever there is only a single coin like Bitcoin then everyone will rushes towards its investment to take the reward. If there present other altcoin presently then still bitcoin is consider as more successful asset so when there remains no altcoin then surely there will be no negative effect on its value but instead it will boost more.

Bitcoin price increase and decrease is related with the phenomenon of supply and demand so its obvious that when no other coins exist then as people move towards bitcoin now so same movement will also persists but at that time the number of holders will be more which will directly impact its price to enhance even more. I think bitcoin cannot be effected by disappearing of altcoins but if bitcoin disappears then all altcoins will be disappeared too.

This is my opinion and what I always want to explain to everyone. We should stop blaming anyone or any project if we fall into a scam, we should look at ourselves before wanting to blame someone. I wonder, if we don't have greed and don't want to get rich quickly, how can those shitcoin projects exist? If there is demand, there will be supply, if we don't have the need to get rich quickly, I believe that scam projects will gradually disappear naturally.

First of all, there is nothing like Bitcoin, it stands alone and it's priceless but it's impossible not to have any other crypto projects because what developers can do with block chain is massive, it's like telling them not to build and explore what blockchain can do for the world, this is why I said that it's impossible.

The door to more crypto projects already opened the moment block chain is a thing, what other projects are doing wrong is centralization, I don't like this idea and that's one of the reasons I will always choose Bitcoin.

Scams that are taking place in crypto space are 99% from other altcoins, if Bitcoin is the only thing then scam will be limited but the chances of making life changing money will also be very limited because I can't deny that other altcoins have massive ROI potential than Bitcoin and they are also the most risky. 

You're exactly right to stress how relative and different things are in the market. When compared to other cryptocurrencies, Bitcoin does indeed stand out. There needs to be a careful analysis because the market is very unstable and hard to predict. But let's not let this conversation turn into an exaggeration. Many people, including you, are pulled into the cryptoverse by altcoins and their hype. As unpredictable as these currencies may be, they act as entrances.

Scams, greed, and the many lessons we've learned from the past have shown that any coin, even Bitcoin, can be used in the wrong way. The issue isn't the coin; its the greed and unchecked desire that led to scams like HYIPs and Ponzi schemes from 2013 to 2015. Before blaming others, it's important to look inside yourself and question your goals. Smart decisions come from having a critical mind.

And the market will become tasteless, and there is no guarantee that the bitcoin market will have a higher price. Bitcoin is considered the best coin on the market and for us to know it is the best coin we need something to compare it to. Just like if there is no white, how do we know there is black?

Furthermore, many people entered this market through the altcoins hype and I am one of them. I was attracted by the thousand percent growth of shitcoin and I entered the market, but as I learned more about the market, I realized that bitcoin is worth investing in than shitcoin.

Regarding scam, without altcoins and shitcoins, we would still have scam projects impersonating bitcoin or using bitcoin as a medium. For example, HYIP and Ponzi projects between 2013 and 2015 both used bitcoin as a means of participation. Don't blame the projects for defrauding you, but ask why you didn't restrain your greed.

In my imagination, I feel that first, three things will happen: people (investors) will not lose money like they usually do on their altcoin investments; second, investors will not see any coins that can make them have a bad perception, like most altcoins have really made most people have a bad perception about cryptocurrenct. Thirdly, Bitcoin would have had more investors than we already have, and if there were more investors, then the value would be very high. Bitcoin is the hope in the crypto space, and if Bitcoin had really not made it to the top, then there might not have even been a lot of these alt coins to come up.

I don't understand - could you also explain how someone or a certain group monopolized it?
I just know that no one or any institution can control bitcoin because of its decentralization - so how can you convince me that bitcoin can be monopolized?

Governments know how good bitcoin is for supporting the financial system - but they tend to be in denial for fear of the impact. They are afraid of bitcoin's competition with centralized payment systems. Bitcoin won because of high public interest - but not all governments will think the same thing, especially wherever bitcoin has been legalized as a means of payment.

Why do people like to ask questions that will never happen? Furthermore, if bitcoin is truly the best coin in the crypto industry, why do we fear competition from other coins? Only the weak are afraid of competition, and the truly strong have nothing to fear from any competition. When investing, I also compare coins with each other, which one will bring me good and safe profits. Without altcoins, how can I know which bitcoin is best? It would be boring and tasteless if this market did not have altcoins and lost competition.