What would happen if there was only one cryptocurrency, which is Bitcoin? - page 7.

komisariatku

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Quote from: _act_ on October 29, 2023, 09:52:25 AM

Quote from: komisariatku on October 29, 2023, 09:03:09 AM

In my opinion, the development of the cryptocurrency world would slow down if there were no altcoins. Why is that? because altcoins also help promote the concept of blockchain and cryptocurrency, whether they admit it or not, altcoins have contributed to the popularity of bitcoin

What that led to more scam. If there is only bitcoin, scam would have reduced because their will be nothing like DeFi and DAO scam, there would be nothing like bump and dump schemes which are the modernized ponzi schemes of today that government are not able to do anything about it. There will not be anything like fake project and failed project of new coins. If there is only bitcoin existing, scam would have reduced but altcoins bring scam. If you think that I am not correct, go and read more about crypto scam and see how altcoins are responsible for more than 75% of crypto scam annually.

I think wherever there is fraud, if there is only bitcoin then it is very likely that fraudsters will use bitcoin as their ruse. Apart from that, if there was only bitcoin then there would not be a big promotion about crypto so it is possible that crypto would not be popular now, or it might take longer to become known to many people.

So in my opinion bitcoin and altcoins synergize with each other in building a crypto framework. Regardless of the existing controversies and interests

kryptqnick

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There was a time when there was only Bitcoin, and a long time when there were just a handful of altcoins. Needless to say, Bitcoin cost next to nothing during that time, but as the crypto market was growing, so was Bitcoin. There's a strong positive correlation between the growth of the altcoin market and the Bitcoin price, but a big question is whether they're causally related at all. The way I see it, altcoins aren't taking anything away from Bitcoin. They're growing out of the newly created demand, and so is Bitcoin. A big market draws more attention, so it's a positive influence. If altcoins had never appeared, I think Bitcoin would have been taken less seriously, as a standalone weird thing rather than the best currency out of a huge market of similar currencies. So I agree with the op that it's a positive thing that altcoins exist.

CarnagexD

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Quote from: Apocollapse on October 29, 2023, 10:03:41 AM

I'm sure the adoption would be higher than present, but I don't think it's really that high since not every people who interested to buy shitcoins would invest in Bitcoin when there's no other crypto. There's still stock, gold, real estate, or even gambling since people are looking for instant way. Cheesy

That's what's going to happen definitely but I am sure that there's going to be more skeptic about the capability of bitcoin because when there's more people that will invest in bitcoin then the more it's prices will increase obviously (supply and demand) and with the unprecedented increase in prices, that's going to make people suspicious about how fast the pumps in prices are which will make them think that bitcoin is a scheme that's going to attract you to invest in and then suddenly pull the rug on you when the price is just right for them, that's why I'm thankful that bitcoin isn't the only cryptocurrency out there, the spreading of detractors are just right.

Z_MBFM

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Quote from: jeraldskie11 on October 29, 2023, 08:37:05 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?

If there was no cryptocurrency other than Bitcoin, Bitcoin would not have proved to be the best. and people weren't that attracted to Bitcoin. Now everyone can see that there are huge amount of cryptos in the market and they are also very valuable and there Bitcoin alone dominance 51.25% of the entire cryptocurrency market alone. and that's why Bitcoin is so popular around the world

Quote

Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.

Misconception, Bitcoin gained more support due to other cryptocurrencies entering the market and Bitcoin becoming so popular.

Quote

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?"

Right, In reality, this is exactly what happens. and I agree with you this words

Apocollapse

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I'm sure the adoption would be higher than present, but I don't think it's really that high since not every people who interested to buy shitcoins would invest in Bitcoin when there's no other crypto. There's still stock, gold, real estate, or even gambling since people are looking for instant way. Cheesy

BIT-BENDER

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Quote from: jeraldskie11 on October 29, 2023, 08:37:05 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?

Bitcoin is in no competition with any other coin in crypto-currency and that's the beginning the end of it. In terms of popularity, adoption/acceptance Bitcoin is both head and shoulders above, also it's just like saying how would it be if dollar is the only currency in Fiat, this is impossible Soni think thinking about the impossible is fruitless .

m2017

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Quote from: jeraldskie11 on October 29, 2023, 08:37:05 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?

What do you mean by development? If we talk about technical development, then in the absence of competitors to the bitcoin, it could develop faster thanks to developers who work on other projects. The more specialists are involved in one project, the faster this project can progress. This is in theory. But whether they would actually do this is an interesting question.

Quote from: jeraldskie11 on October 29, 2023, 08:37:05 AM

Many people believe that if there is no alternative cryptocurrency, the price of Bitcoin will rise because it has no competition.

You can count me among these people. Still simple. The money that was “stuck” in other projects or “lost” in scam projects could significantly bump up the value of the bitcoin. The more money flows into the system, the higher the bitcoin price.

Quote from: jeraldskie11 on October 29, 2023, 08:37:05 AM

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?"

The question is formulated incorrectly.
The buyer would be thinking, should I buy bitcoin, gold, stock, real estate or wait until my money loses value?

Quote from: jeraldskie11 on October 29, 2023, 08:37:05 AM

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.

You may be sad or you may be happy, but this will not change the current state of affairs in the market. Accept the cryptomarket as it is, as a given, and “work” with what you have without fantasizing.

_act_

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Quote from: komisariatku on October 29, 2023, 09:03:09 AM

In my opinion, the development of the cryptocurrency world would slow down if there were no altcoins. Why is that? because altcoins also help promote the concept of blockchain and cryptocurrency, whether they admit it or not, altcoins have contributed to the popularity of bitcoin

What that led to more scam. If there is only bitcoin, scam would have reduced because their will be nothing like DeFi and DAO scam, there would be nothing like bump and dump schemes which are the modernized ponzi schemes of today that government are not able to do anything about it. There will not be anything like fake project and failed project of new coins. If there is only bitcoin existing, scam would have reduced but altcoins bring scam. If you think that I am not correct, go and read more about crypto scam and see how altcoins are responsible for more than 75% of crypto scam annually.

adultcrypto

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Without alternatives to Bitcoin, a lot things would have happened. First, scam would have reduced because a lot of the scams carried out in cryptocurrencies were through the various shit coins.
Secondly, Bitcoin acceptance and penetration would have been deeper because many people would have been involved in Bitcoin especially those who ran away from anything cryptocurrency because of their terrible experience with other cryptocurrencies. Most of those fell for pump and dump and buying worthless tokens in ICO and launchpad.

Last but not the least, the price of Bitcoin would have been far higher than it is now.

Texac

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There will be pros and cons, the downside is that too many altcoins appearing will also dilute the investment in bitcoin. without altcoins, people would only invest in bitcoin, so the demand for bitcoin would increase even more than it already is. the benefit is: without altcoins to compare, we won't be able to know how good bitcoin is, we need to have something to compare to to know which is good.

Furthermore, I prefer competition because it gives investors, users more choices and if we are confident that bitcoin is the best then we should not be afraid when there are many competitors with bitcoin.

EarnOnVictor

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Quote from: jeraldskie11 on October 29, 2023, 08:37:05 AM

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?"

1. Bitcoin would be at a higher price if it was the only cryptocurrency developed. This is practical, all the money being held in other cryptocurrencies would be held in it alone, and that amount is at $1.32 trillion according to CoinGecko. By simple calculation, Bitcoin should be far higher than it's current ATH if it was the only cryptocurrency existing.

2. I don't believe that Bitcoin would develop faster than it has if there was no competition. It has tried enough and has broken the record of an asset that has been so much appreciated in a very short time by the world. It can't possibly do more as it's even the reason why other cryptocurrencies were ever known.

3. Your opinion is wrong my friend, Bitcoin speaks for itself and it's not thriving due to altcoins, but altcoin thrives due to Bitcoin. And as a matter of fact, Bitcoin is the most trusted cryptocurrency today, not otherwise.

However, the only issue I see that you didn't mention is that, if Bitcoin is the only cryptocurrency, it might cause some issues even though it supposes to be good. The miners would earn more due to monopoly and the system would be congested thereby delaying transactions. It's better this way but I wish Poopcoins should be abolished if possible.

hyudien

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Quote from: jeraldskie11 on October 29, 2023, 08:37:05 AM

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.

Indeed, if you look at it from the positive side, there is nothing wrong, but in terms of position, Bitcoin will still be the main support for why altcoins were created. Basically, all of them provide benefits to each other, thus creating encouragement and various interests from investors and traders by ending up at the same peak of the most important digital asset, namely Bitcoin.

Antotena

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Quote from: jeraldskie11 on October 29, 2023, 08:37:05 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.

Bitcoin is open source, which means the codes that describes how it's built is opened for everyone to see, so there is no way for Bitcoin to exist alone as the only cryptocurrency. Even the bitcoin has been forked many times due to disagreement between the developers that have different ideas about it, even though bitcoin win all of them at the end.

However, even if we are to assume bitcoin as the only cryptocurrency, small investors will find it challenging to enjoy it because only the big men with the large money will dominate it,bitcoin price will be big that you will only be able to own some fractions and for the price to double, it will take forever. Imagine bitcoin price was at 100k and you invested $100, you have to wait for it to reach $200k to be in profit which can take forever or even slide downward in value, it's going to be discouraging.

komisariatku

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Quote from: jeraldskie11 on October 29, 2023, 08:37:05 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?

In my opinion, the development of the cryptocurrency world would slow down if there were no altcoins. Why is that? because altcoins also help promote the concept of blockchain and cryptocurrency, whether they admit it or not, altcoins have contributed to the popularity of bitcoin

Although altcoins do not compete directly with bitcoin, they play a big role. If we talk about competition then it occurs between altcoins, such as ETH and BNB. As in the business world, the more product competition there is, the more people will promote the product, consumers just have to choose which product is the best. This also applies to bitcoin, and bitcoin is the best so no matter how many altcoins there are, nothing will be able to shift bitcoin's position.

Oshosondy

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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.

EL MOHA

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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

jeraldskie11

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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.

Topic: What would happen if there was only one cryptocurrency, which is Bitcoin? - page 7. (Read 1089 times)