Topic: What would happen if there was only one cryptocurrency, which is Bitcoin? - page 5. (Read 1089 times)

Honestly. I would not be interested to acquire bitcoin without having its competition since I will not see its potential to trade with other alts and earn with any positions we want to take from it. Price might not go more lower but it might get any huge demand since for sure that people will grab their own fiat then go after with other valuable things that they can benefit. If some questions regarding on its existence come up bitcoin will exist but I don't really think that it will get huge attentions and demand the same as today. For now some people look at bitcoin as investment that's why many try to check for it then other alts since they think that this is how they can earn fast money compare to other investments they are taking on.

Altcoin competition is healthy for bitcoin so anyone should never look any negative about it.

I don't see any possibility if this happening because there would want to be people that want to own their own cryptocurrency just like we have been seeing in the market with random projects launching all most every week. The cryptocurrency market is open for Anyone that want to create there own altcoins and launch it at anytime they want. This is one of the reasons why the Crypto market capitalization keep increasing since there are enough coins in the market that people can invest there money in if they like to. The crypto market would be boring if there is only one coin in the market and people will not have the option to out there money in other coin projects that would increase there profits.

Like many others, I think that Bitcoin will grow more quickly in the absence of competition from other cryptocurrencies because it will become the sole focus of attention. This could lead to an increase in demand because investors in other coins may only just investing in bitcoin. In fact, because of the numerous scams involving altcoins particularly pump and dump schemes some consumers are becoming discouraged from investing in cryptocurrency industry.so assume it is only Bitcoin different method of scamming people it will not be increasing all the time because not pump and dump scam method will be involved and that is where almost coins are getting attentions of people.

Yes, competition has a role in the rise of Bitcoin as well. It enables users to search more broadly and determines the relative values of different coins, which encourages users to invest in the Bitcoin. However, I believe that the drawbacks of alternative coins to Bitcoin outweigh its benefits, as many cryptocurrency scams would not exist if it weren't for this altcoin. All of this is a result of people falling victim to one or more cryptocurrency scams. It is well known that some altcoin investors who lost money are trying to dissuade others from investing in the space. It deters others from making Bitcoin investments as well.

I think it should have affected it because no matter what there is always distribution of investment in between bitcoin and Altcoins. Peeps are finding cheaper ways to get into crypto economy where they want to taste the richness that old investors of Bitcoin got in first place when bitcoin was worth cents and dimes. Altcoins are featuring just the same thing however competition has gone up so much that no one can be sure what coin is best and will repeat the story of Bitcoin. So basically what I am saying is peeps are seeking quick rich schemes here which they may or may not find themselves real soon. It’s possible but technically speaking Bitcoin is Bitcoin with no second story to tell. One can even start with the Bitcoin today and get same returns but with larger Timeline.

Without the chance for any and every player to create and promote their own cryptocurrency, whats the real point of calling it decentralized? Decentralized, decentralized - its the backbone of crypto, and limiting that would indeed defeat its purpose. By bottlenecking innovation, we're not only stalling potential advancements but also contradicting the very philosophy that crypto was founded upon.

However, when you mention bitcoin's potential for ETF integration into mainstream markets like NASDAQ, its a double-edged sword. On one hand, it further legitimizes cryptocurrency, but on the other, it could lead to further centralization and regulation. Would that not then be a pseudo-solution to a larger problem? An industry, built on being an alternative to traditional systems, slowly merging with them? Thats neither growth nor improvement.

Undoubtedly the top selection for long-term crypto investment the main reason behind bitcoin's popularity is that investors believe that the cryptocurrency's value will increase over time due to limited supply. Although there are thousands of different cryptocurrencies available in the market bitcoin makes a profitable coin for long term crypto investment bitcoin is the best currency to invest in crypto market but altcoins are better. These coins usually rise above the competition the crypto industry is huge and has many coins so holding altcoins alongside bitcoin is the right decision. Then investors will gain knowledge from other currencies besides bitcoin.

Do you think Bitcoins has competitions? It’s either Bitcoins or altcoins. There is nothing that is competing with Bitcoins or can take its place. Moreover the price of Bitcoins depends on the supply and demand. As we know that the supply is fixed, so everything that sets the price is the demand. If the demand to accumulate the coin is more, then in order to fulfil this demand the price goes up. So put this activity in the situation mentioned by you in the OP. You will get your answer yourself.

But I have a question for you and some people say that just bitcoin is enough. Are you sure and dare to swear that you only invest in bitcoin and that your portfolio does not contain any altcoins? Because as far as I know, people always say bitcoin is the best and they only need bitcoin but in their portfolio there are also some altcoins although not the majority. Nowadays, there is no one who does not want to make big profits and altcoins fulfill that need, while bitcoin does not. Altcoins can't grow and get bigger if we don't have a need for them, so I'm really skeptical of people who say there's no need for altcoins.

I agree, bitcoin itself will be enough, in fact, if bitcoin is only the existing crypto currency its price will be more higher, it will rock sky. Why? Simple, supply and demand, if there are only limited bitcoin due to many investors buying it, and it takes time to mine a bitcoin, then its demand will be higher and higher, resulting in huge profit potential. But, of course, we can't control others as technology will be easily copied, and there are altcoins. Still, it's better, as you said, to have other options so that people will have a variety of coins to play with to earn. But that downside is there are also coins that emerge, coins we call shitcoin which is a dangerous coin mainly used for scamming which is alarming, because as many people still new to crypto they tend to skip learnings and knowledge and tens to invest in those untrusted coin, which is shitcoins.

If it was just Bitcoin, its price wouldn't be where it is as all the investors of altcoins would pour their funds into one thing (Bitcoin). That also tells a lot about what level of development Bitcoin would have had. I mean... think of it. Imagine if all the "crypto" investment was just on Bitcoin, it would cost a lot more by now.

I personally don't have grudges against altcoins, I believe that they have their purpose too. We're just speculating on what we think would be the case if Bitcoin was alone, and like I said, it would have done better as it'll be the one and only crypto.

I can't really say it would be worse than this. Obviously, it is important to have options, and its great that people have their options, that is not a bad thing and I support that. However, we need to realize that just bitcoin alone itself would have gotten a lot more money as well, people wouldn't invest into silly stuff and all that money would go to bitcoin. Lets assume that bitcoin gets 1 trillion, and all other coins get another trillion, that's 2 trillion total, even if the rest would only invest 500 billion, that would still be %50 more to bitcoin alone. That is why it would have made bitcoin a lot stronger as well and I would be a lot more glad to invest into it without trouble.

Even if there is only one cryptocurrency and that is bitcoin, people will be with some sort of thoughts whether to invest into cryptocurrency or some other assets. Human minds were like monkey minds, it won't be stable. It is our understanding that makes to get fixed to something. Here the existence of lots of altcoins is good for bitcoin according to me. With this people were able to clearly differentiate and understand which is better.

If we have got only one bitcoin, even if it had grown high and have the best technology it won't be much used. When there is competence the growth will be reached shortly, if not this happens in a gradual way. In that stance we might've not experienced the ATH of bitcoin to be this high. At some point ethereum was a real competing asset and those things have pushed the growth to some extent.

It's not gonna work for the crypto industry. The reason why it's so big and profitable right now is because it was generous enough to allow everyone to create their own crypto and get the chance to break the market and earn their place in the industry, if we were to bar them from doing so and just allow bitcoin, innovation will die and no one will be able to compete. I guess bitcoin wouldn't die cause we can put them up for ETF on the stock market and after some time it would be accepted into NASDAQ, but the point I'm trying to make is that the industry's good enough as it is. I want it to stay like this and improve upon this current formula. If we were to bar people from creating their own cryptos what's the point of making crypto "decentralized"?

Since the question is just a case scenario then we can answer it by a case scenario of Bitcoin price being only one in the cryptocurrency industry.  Right now the marketcap is around $1.27T  dividing it to the current supply of Bitcoin which is 19,527,662 BTC then we can get a price of $6,503,594.74


If there is no competition and there is a monopoly on the market, it is obvious that Bitcoin will have a higher price.  This also happen in a regular business establishment who has the monopoly of the products or service.

Having a competition, the fund going to the market is divided so it is an obvious thing that the price will get cheaper or lower but the service will surely improve since one wanted to give more satisfying service or products in order to get the interest of the investors/client.

Even if they are unable to solve the Bitcoin problem, they still have a useful feature that Bitcoin does not. Because it is ranked first, Bitcoin did not compete with other cryptocurrencies; however, those cryptocurrencies are trying to overtake or rank below Bitcoin. For instance, if we take a look at the market capitalization of Ethereum and Bitcoin, which is Ethereum around 200 billion dollars and Bitcoin is 600b, there isn't much of a difference. We are all aware of Ethereum's ongoing development to become a more valuable cryptocurrency. If they didn't consider Bitcoin to be a rival, they might have considered other altcoins.

In response to the Op hypothesis, I adhere to my old position that some impossible hypotheses cannot provide benefit of any kind. This is similar to repeatedly wondering about Satoshi's personality and those perceptions about what the situation would be like if Satoshi were present in person or if he suddenly appeared.
Although there are a large number of altcoins, I do not consider any of them a real competitor to Bitcoin or even comparable to it. Also, the existence of these currencies is what increases the popularity of Bitcoin and people’s trust in it.

For me, Bitcoin wouldn't have done better had it been the decentralized network or system on which they operate was monopolized.
It would have done bad. It wouldn't have gained as much publicity as it does now and wouldn't have be distinguished from the ideas and visions of the other cryptocurrencies currently existing.

I also think most importantly that the government would have been able to shut down the idea of Bitcoin, that is, it will be well sealed for generations, until they be able to discover it or the genius behind its idea and begin to implement it. That would be when fiat fails due to inflation or other factors.

The competition among cryptocurrencies mostly Bitcoin right now is healthy and it is what has led to innovations and gain for investors currently. Bitcoin sure is the pioneer and its stability in this volatility period makes it more on demand than the other cryptos.

Even if we try to assume that bitcoin has no competition in the crypto market, but people will still be comparing it into other types of investment like gold, stocks or real estate. So the competition will still be possible.

However, if only bitcoin will exist in the market without altcoins and shitcoins that will deceive the people, I would say the crypto market will be boring and bitcoin price will never be exciting. I would not even expect for faster adoption of bitcoin since people will more likely to favor gold or real estate. But if there are altcoins on the side that are seeing bitcoin as their model, then people will be more wise to chose which crypto is capable to give them decent profits, or they could have invest in both cryptos for investment diversification, and jut learn from their outcome which coin deserves higher allocation the next time they decide to invest again. 

I also asked the same thing - but your question already represents what I want to say. Bitcoin is not essentially competing with altcoins for a bigger market - but altcoins are creating competition and that has made bitcoin increasingly popular in its own right.

About centralized markets - I agree they have a good role to play in helping bitcoin users grow. Bitcoin is more popular because of it, especially with the convenience it offers. However – centralized markets should be considered a legitimate place to trade, not a safe place to store assets long term.

How could we imagine that something doesn't exist or will never exist? What if there weren't bitcoins? Then there's no altcoin there either. With altcoins together, we have a cryptocurrency industry, so without altcoins, the industry can't stand; otherwise, there will be only the bitcoin industry. There is an altcoin; hence, investors know the value of Bitcoin. For example, we sometimes hate centralised exchanges, but these centralised exchanges make Bitcoin popular because you can trade and make money with alts. So alts are playing a major role in the crypto industry.