Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: EluguHcman on March 18, 2024, 07:53:46 AM
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They said for every stable and credible developments, there had been a pioneer who had stressed out for others to enjoy right from the peak of the origin.
So I ask, what is that cordial durability influence does Bitcoin have over these hundreds of AltCoins that non of the crypto Coins has been able to beat the value of Bitcoin instead they still gains their potentials from Bitcoin volatility.
Why really can't other Cryptocurrencies surpasses the price of Bitcoin right from their existences?
Or do we wait on time to tell? Or is the system setup that way in honour of Bitcoin to ever lead as the first introduced digital currency while others follows? Or should it be assumed that there are secrets Satoshi Nakamoto being the builder of Bitcoins has which other Crypto coins developers has not been able to discover yet?
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Why really can't other Cryptocurrencies surpasses the price of Bitcoin right from their existences?
If we only talk about price, price of "42-coin" already surpass Bitcoin on few occasion. Visit https://www.coingecko.com/en/coins/42-coin (https://www.coingecko.com/en/coins/42-coin) and click "Max".
Or is the system setup that way in honour of Bitcoin to ever lead as the first introduced digital currency while others follows?
Bitcoin definitely have first-mover advantage. But IMO so far other cryptocurrency doesn't have enough uniqueness or big solid community in order to surpass Bitcoin price or market cap.
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Bitcoin definitely have first-mover advantage. But IMO so far other cryptocurrency doesn't have enough uniqueness or big solid community in order to surpass Bitcoin price or market cap.
Then it becomes hopeless for the AltCoins to compete with Bitcoin because single handedly the reputabilities and reliability potentials of Bitcoin is an attractive enough to build and enlarges a most dominance community as it is today.
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Take note that altcoins are not competing with BTC, the few of them that people called 'the next BTC' are mostly dead now. BTC has its usefulness in society and that is why there is going to always be demand for it. So many altcoins lack this usefulness and thay are only good for the hype or the immediate profit, and so they follow BTC's movement in price.
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Bitcoin definitely have first-mover advantage. But IMO so far other cryptocurrency doesn't have enough uniqueness or big solid community in order to surpass Bitcoin price or market cap.
Then it becomes hopeless for the AltCoins to compete with Bitcoin because single handedly the reputabilities and reliability potentials of Bitcoin is an attractive enough to build and enlarges a most dominance community as it is today.
There are very few altcoin which directly compete with Bitcoin though. Many altcoin these days offer feature which isn't exist on Bitcoin such as turing-complete smart contract, fast TX, cheap TX fee or high TX throughput (although you could use Bitcoin L2 for that) at expense of decentralization.
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Aside from the importance of security that Bitcoin offers, we have to consider other logical factors that distinguish Bitcoin from others. "First come, first served" is a phrase used to denote quick service or attention. The individual who arrives first typically receives better attention than those who come later. It's similar to attending an event that requires registration, if you are the first to arrive, you are likely to be attended to first.
Bitcoin is the first cryptocurrency in the crypto space, as records show. Being the first, it had to gain trust from skeptics and enthusiasts, thereby increasing in value over time. So, primarily, what makes Bitcoin's price stand out is the trust it has gained over the years, which still gives people more reason to keep investing even when the market is down. If Ethereum had been the first, then it could have also gained trust, thereby acquiring enough value to stand out from others.
In conclusion, I don't think other coins would be able to surpass Bitcoin due to the trust Bitcoin has gained over the years.
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Bitcoin is the first cryptocurrency in the crypto space, as records show. Being the first, it had to gain trust from skeptics and enthusiasts, thereby increasing in value over time. So, primarily, what makes Bitcoin's price stand out is the trust it has gained over the years, which still gives people more reason to keep investing even when the market is down. If Ethereum had been the first, then it could have also gained trust, thereby acquiring enough value to stand out from others.
I only partly agree with this, BTC is not what it is today simply because of it was created earlier than altcoins, if it was a shitcoin, it would not matter when it was created and people will use other alternatives than it. Even if Eth was created before BTC, it would still not be a better coin; eth is a centralized, premined coin that is not as useful as BTC.
BTC is where it is now because of its usefulness. It is decentralized, censorship resistant, open source and permissionless. You also don't have to trust BTC, it is a trustless network, meaning because of its open source nature, you can verify everything.
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Bitcoin is the first cryptocurrency in the crypto space, as records show. Being the first, it had to gain trust from skeptics and enthusiasts, thereby increasing in value over time. So, primarily, what makes Bitcoin's price stand out is the trust it has gained over the years, which still gives people more reason to keep investing even when the market is down. If Ethereum had been the first, then it could have also gained trust, thereby acquiring enough value to stand out from others.
BTC is where it is now because of its usefulness. It is decentralized, censorship resistant, open source and permissionless. You also don't have to trust BTC, it is a trustless network, meaning because of its open source nature, you can verify everything.
I agree, but how many of the investors still puts these things into consideration even though they are in place ?. Trusless as you stated might be an irony. Why would people invest in something when there is no attribute of trust?. If Bitcoin defiles the word "Trust", then it should be the opposite of it which is "distrust". The technical part such as decentralization, open source, censorship resistant, etc, might not be a factor for everyone to consider, else, there might be a resistance to global adoption.
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One thing you should know about Bitcoin is this, there can never be any coin like Bitcoin because the person who developed it has abandoned it to the community and that means he is the greedy type of person, he just want it successfull and despite the growth of Bitcoin all these years, he has never touch a single allocation of Bitcoin he is having, some people believes that he is dead or don't care about the price but what Bitcoin is doing which is censorship resistance in all aspects of finance.
When you look at the altcoins, none of them have such kind of dreams, the teams you see in altcoins take 5-10% and still keep more than 50% of the coin in foundation which is also control by then. How do you expect such kind of coin to overtake Bitcoin with shot of Billion when Bitcoin has just less than 21 million and it's mined when block is found and comfirm. Bitcoin still remain the best coin and irreplaceable.
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Then it becomes hopeless for the AltCoins to compete with Bitcoin because single handedly the reputabilities and reliability potentials of Bitcoin is an attractive enough to build and enlarges a most dominance community as it is today.
I understand that for you and the majority of people, the price is the only way to measure success, but the price that Bitcoin has is the result of a unique idea that, at its core, never had the idea that the inventor and the people close to him would get rich.
When you look at the basics, Bitcoin is a real decentralized project that does not have a single person representing it, it uses POW, more than 50% of the energy for mining comes from renewable sources, it has a limited amount of coins. All that makes it valuable, and now tell me which crypto project has something even remotely similar?
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Or should it be assumed that there are secrets Satoshi Nakamoto being the builder of Bitcoins has which other Crypto coins developers has not been able to discover yet?
All the other coins' history do not come close to Bitcoin's history, so many altcoins are centralized in nature, and the community is more supportive of the original because so many of these coins are just an upgrade and clone of the original Cryptocurrency.
After more than ten years the community is still fascinated by Bitcoin's humble beginning, there's no coin in the market that has a unique history like Bitcoin.
So Bitcoin will remain number one in the market and will continue to do so for decades to come.
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~snip~
So Bitcoin will remain number one in the market and will continue to do so for decades to come.
I would like it to be true, but I wouldn't bet that Bitcoin will continue to be at the top of cryptocurrencies in the somewhat distant future for several reasons. People and their priorities change with time, and in 20 years or more it is possible that some new generations will no longer experience Bitcoin as we experience it today and it may be much easier to sell them a new idea than it is the case today.
I would dare to say that Bitcoin will be "interesting" for another ten years or so, because by then mining will be practically finished in the sense that only 210 000 (1%) BTC will remain for mining, and if various companies and funds continue to buy BTC, most coins will be far beyond the reach of ordinary people.
Who knows, maybe something will appear by then that will attract the attention of ordinary people in the eternal hope that they can get rich the way "buy cheap, sell high".
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Someone could probably create a new shitcoin and pump up it's artificial price for few minutes to crazy high levels, but this is not sustainable or realistic price.
I even think that most of the coins we can see in coingecko or cmc are not worth anything in reality, so I would not pay attention to this.
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In case you don't know, let me remind you. It is through bitcoin that all altcoin are made and they all follow its price movement. It will be impossible for a new coin or existing coin to its place as the King of crypto. For any coin to begin to take its place, let it start by taking the position of ethereum in coin ranking and marketcap. Till then, we can begin to look at the chances of it surpassing bitcoin in price.
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Although 42-coin exceeded $800,000 a few years ago, it is still a specific circumstance, and I don't think it's something we'll see again. Bitcoin was the first cryptocurrency, this fact makes it not only the one with the greatest economic value, but also means that no one can eclipse it in any way. There are coins and blockchains that may be technologically superior, such as the well-known smart contract platforms, but they will never be Bitcoin's rivals.
Not even the most famous forks (Bitcoin Cash and Bitcoin SV) have been able to compete with the original idea, so I think it will never have a rival. I try to find the right word to define it and only "respect" comes to mind, although it may not be the most appropriate.
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Coins that can compete with Bitcoin have not yet hit the market, and coins that were once said to be Bitcoin's competitors are currently in dead positions. Although those coins were in a very hyped position at one time, but they could not survive in the market, they are now almost worthless. Those coins are now disappearing from the market due to reduced trading volume in the market and fewer investors.
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Re: Why other Crypto coins can't ever surpass the price of Bitcoin?
Can't surpass Bitcoin in terms of?
Market cap? Obviously it will never happen. Simple supply and demand tells it all.
Community? Obviously Bitcoin has the largest community as it's the first cryptocurrency to be made. Maybe also add the fact that it's on the top, and it's the most popular one as well.
Technology? There are some projects that has a better technology than Bitcoin is. What Bitcoin has that other project doesn't have is "decentralization".
Price? This isn't a good way of comparing coins.
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Take note that altcoins are not competing with BTC, the few of them that people called 'the next BTC' are mostly dead now. BTC has its usefulness in society and that is why there is going to always be demand for it. So many altcoins lack this usefulness and thay are only good for the hype or the immediate profit, and so they follow BTC's movement in price.
That's true because Bitcoin demand in the society is massive and whatever gains that much demand will certainly have more value so if there is any coin that is thinking of dragging the top spot, I believe the journey to the top is still very long and again the reason for Bitcoin being so greatly loved is because of the fact that it is capable to be used as an investment means which I believe is the most used purpose of Bitcoin in the world today.
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Coins that can compete with Bitcoin have not yet hit the market, and coins that were once said to be Bitcoin's competitors are currently in dead positions.
This makes me remember when i got into crypto, i used to hear about some altcoins that people called 'the next BTC', funny thing today is that most of those coins are not worth anything now, and now that i understand the network so well, i wonder how people called projects that had no usefulness the next BTC, what were they expecting. If someone develops a coin that is useful and solves a problem, people are surely going to use it, look at Monero for example, it is one of the few coins i use after BTC, but a coin that solves no problem will only last for a short time.
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You cannot expect the rate of peoples participation on original product to that of the counterfeit which is fake product, other cryptocurrencies are pirate copy of bitcoin and they cannot come close to where bitcoin is or achieve the kind of success it already emerged, you can check their market value and rate at which they worth compare to where bitcoin is, the margin is incomparable to each other and that is how it will always be.
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Or do we wait on time to tell? Or is the system setup that way in honour of Bitcoin to ever lead as the first introduced digital currency while others follows? Or should it be assumed that there are secrets Satoshi Nakamoto being the builder of Bitcoins has which other Crypto coins developers has not been able to discover yet?
Good question because I also had this question once, but when I got to know the real potential and hype that it (BTC) got due to the internet of people, as the price of BTC is driven by demand and supply, so it means more people were investing in BTC, especially from the time when there was no alts, in simple words, BTC started the hype of all crypto world and is in the market from a quite long time.
Gained so much hype, trust, M.cap, and trading volume, and now after the approval of ETF where billions of dollars are being traded, I can't say it's hopeful to think that alts could surpass BTC in any way (like in terms of m.cap or in terms of price). If we say what if in terms of use case then there are plenty of good projects that serves more usecase then BTC (some BTC enthusiasts might not like this statement but its a fact).
In short, a pattern has been made by the investors, which is different for every level of investors, as level 1 are the ones who lost there funds to the highest level investors.
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Gained so much hype, trust, M.cap, and trading volume, and now after the approval of ETF where billions of dollars are being traded, I can't say it's hopeful to think that alts could surpass BTC in any way (like in terms of m.cap or in terms of price). If we say what if in terms of use case then there are plenty of good projects that serves more usecase then BTC (some BTC enthusiasts might not like this statement but its a fact).
On the other hand, Bitcoin was never made to serve so many different purposes. The idea as far as I can recall is to create a decentralized currency, which you can argue has been achieved by now, with future problems related to scalability and incentive still in discussion. As long as the community achieves consensus on that front, it will be impossible to dethrone Bitcoin as the most valuable crypto in the market even if you can't mint your shiny photos there. I don't think we need to add more use case for BTC to begin with, even if we did, sidechain is probably the way to go forward. CMIIW.
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Coins that can compete with Bitcoin have not yet hit the market, and coins that were once said to be Bitcoin's competitors are currently in dead positions. Although those coins were in a very hyped position at one time, but they could not survive in the market, they are now almost worthless. Those coins are now disappearing from the market due to reduced trading volume in the market and fewer investors.
It will be quite difficult for altcoins to surpass Bitcoin. Even if you look at the market cap, the one closest to the bottom is Ethereum. And this is quite a comparison with Bitcoin. Only about 1/3 of it. So, so far, no one has been able to surpass Bitcoin, especially in terms of trust, market cap and price. So, it's easy for certain projects to claim that, but in fact, they will fail clearly and sooner.
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So, it's easy for certain projects to claim that, but in fact, they will fail clearly and sooner.
The problem some of these altcoins have is from the beginning when they call themselves 'the next BTC', i believe every coin should be unique and have their own unique roadmap and use case, you don't have to copy what another developer did on their project, if not you have started to fail already and the project will be dead before you know it.
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The problem some of these altcoins have is from the beginning when they call themselves 'the next BTC', i believe every coin should be unique and have their own unique roadmap and use case, you don't have to copy what another developer did on their project, if not you have started to fail already and the project will be dead before you know it.
That's the problem, the projects that say they are the next Bitcoin or that they will go beyond Bitcoin, in addition to the thousands of memecoins that have absolutely no use for the industry or the user, beyond filling the wallets of a few. The problem itself is not that they copy what other projects did in the past, the problem is that there are people who continue to invest in these types of products, which I would never do.
Except for rare exceptions, such as new blockchains developing new functionalities, the market is full of projects without any kind of incentive, to see it we just have to visit the section of new coins/tokens added on Coingecko or Coinmarketcap. Sometimes I hope that this continuous flow of memecoins will stop one day, but within a few seconds I realize that this is just a utopia as it has been the same for the past few years.
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Bitcoin has certain features and qualities that have led to large investors adopting Bitcoin as well as large multinational companies currently adopting Bitcoin. The reliability that Bitcoin has and the acceptance that Bitcoin has is not as much as the reliability or acceptance of all other coins in the market. Why would I invest in a coin where I have so many options and so many opportunities if I don't feel safe with my money after investing in that coin. Ever since Bitcoin first hit the market, people have gradually adopted Bitcoin and the number of investors on this investment platform has gradually increased, which is why the popularity and value of this coin has increased so much in the present day.
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I don't think we need to add more use case for BTC to begin with, even if we did, sidechain is probably the way to go forward. CMIIW.
You are damn right, because that was the main reason why BTC was made, if it was not BTC then I don't think there would be any alts by now. As, it started a domino effect, like it got soft forked, hard forked and then alts started to come out with or without blockchains. (Token or coins). It all started due to the BTC. And yeah BTC served its purpose, even outperformed all of our expectations.
And now as era is moving toward technology day by day, we are exploring more ways to enhance the use cases of BTC, like some platforms are working on making it possible to do staking of BTC without wrapping, some are planning or working to use Dapps on it, and there are much more on the roadmap, as I said before who knows what will come in the upcoming era.
PS: That CMIIW is new for me, I have to search it hehe, thanks for it.
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Why really can't other Cryptocurrencies surpasses the price of Bitcoin right from their existences?
If we only talk about price, price of "42-coin" already surpass Bitcoin on few occasion. Visit https://www.coingecko.com/en/coins/42-coin (https://www.coingecko.com/en/coins/42-coin) and click "Max".
Or is the system setup that way in honour of Bitcoin to ever lead as the first introduced digital currency while others follows?
Bitcoin definitely have first-mover advantage. But IMO so far other cryptocurrency doesn't have enough uniqueness or big solid community in order to surpass Bitcoin price or market cap.
is that even a legit project? damn 160k plus value? never that i have idea about there is something like this in existence .
but at least OP has his answer here about that specific question , is there any other project that have this action against the value
of bitcoin being surpassed?
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Maybe what you mean is that there is no other coin that is as popular as Bitcoin and cannot compete with Bitcoin's market cap.
I think this is natural, because Bitcoin is a pioneer and the first in the world of cryptocurrency. In fact, we can see a big difference in the mention of Bitcoin vs Altcoin... There is only 1 Bitcoin, while Altcoin consists of thousands of coins and tokens that exist today. That means, Bitcoin's strength as the leader of the cryptocurrency world can be a basic reference for everyone.
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From my knowledge so far and from my findings I noticed then there were some coin that surpasses bitcoin in price but even as that, bitcoin still remains the most reliable and trustworthy unlike those altcoin. Just know that bitcoin is like a parent coin that gives birth to every other altcoin in the market, so even though any coin surpasses bitcoin it doesn't mean it's more solid and stronger than Bitcoin.
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Why really can't other Cryptocurrencies surpasses the price of Bitcoin right from their existences?
If we only talk about price, price of "42-coin" already surpass Bitcoin on few occasion. Visit https://www.coingecko.com/en/coins/42-coin (https://www.coingecko.com/en/coins/42-coin) and click "Max".
is that even a legit project? damn 160k plus value? never that i have idea about there is something like this in existence .
At very least, i wouldn't call it a scam snice i never hear bad news (such as backdoor) and there wasn't any premine. But other than that, the only unique thing this coin offer is only it's small total supply.
but at least OP has his answer here about that specific question , is there any other project that have this action against the value
of bitcoin being surpassed?
Check this page, https://www.coingecko.com/en/all-cryptocurrencies?sort_by=price (https://www.coingecko.com/en/all-cryptocurrencies?sort_by=price). For example, i just found coin called Sexone only have 1 total coin.
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Why other crypto coins can't ever surpass the price of Bitcoin ? This is because Bitcoin is a unique asset and is not fungible with other cryptocurrencies including the potential for Ethereum to surpass Bitcoin as we can see in 2021 ETH out performance BTC gaining nearly 400% compered to betcoins 66% in march 13 2024
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Oh really? But isnt it about demand and a price? Other altcoins can surpass the price of Bitcoin, but nodoby wants to buy them at such a price. Anyone can create a token and set its price as a million. One purchase and price of Bitcoin is surpassed. But why such thing does not happen? Because there is no demand to buy at such a price. Actually you dont even need to create a new altcoin. Just say that starting from tomorrow you will buy, lets use ETH for example, at the price of $100k. People would rush to sell at such a price and the price of Bitcoin will be surpassed.
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They said for every stable and credible developments, there had been a pioneer who had stressed out for others to enjoy right from the peak of the origin.
So I ask, what is that cordial durability influence does Bitcoin have over these hundreds of AltCoins that non of the crypto Coins has been able to beat the value of Bitcoin instead they still gains their potentials from Bitcoin volatility.
Why really can't other Cryptocurrencies surpasses the price of Bitcoin right from their existences?
Or do we wait on time to tell? Or is the system setup that way in honour of Bitcoin to ever lead as the first introduced digital currency while others follows? Or should it be assumed that there are secrets Satoshi Nakamoto being the builder of Bitcoins has which other Crypto coins developers has not been able to discover yet?
The first cryptocurrency that was created was Bitcoin, why can't all the altcoins pass from Bitcoin because Bitcoin has a very good image. Many in the Telegram community say that saying something like this, "it's better to have 0.1 Bitcoin than to have a lot of altcoins that eventually die.
The comparison of the existing scale is also very large for the new altcoins that have emerged to be able to beat Bitcoin because the results can already be seen from the market cap listed on the Coingecko website.
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Other cryptocurrencies are not close or near to the standard or worth of bitcoin, there are many things to compare them together with whereby we will also have the take on bitcoin being more reliable and trusted than any other coin, as a thing to consider most, bitcoin is the only most recognized digital cryptocurrency, others are alts, we cant say of how they can perform or predict their trust in what their future may be, bitcoin is the only reason why many are considering cryptocurrency and you cant expect them leaving the original and running after the pirate ones.