Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: James Anderson on December 02, 2023, 02:17:08 PM
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
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If there's bitcoin on the market, I think It's difficult to say.
Because we need to convert bitcoin in to USDT or stable coins.
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If there was only Bitcoin in the market, perhaps the crypto market would be very boring like 2010-2011 :)
I coin Altcoins are the main driving force for strong market growth thanks to new technology, new areas of application and greater growth potential compared to Bitcoin.
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Creation of Altcoins is good to support bitcoin in the market, at least it will be supporting bitcoin of the altcoins are having competition within themselves in the market. And as bitcoin is the pioneer, they are all there to follow its pattern and it keeps Bitcoin in the position it is to be the most crypto asset.
Without altcoin, bitcoin might not get this value it has gotten because altcoins are plenty in the market and they give more profit but are more riskier than Bitcoin investment.
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Bitcoin, top altcoins are developing! As for money, simple pieces of paper, it makes sense for them to depreciate! It's not very good. It follows that the price of consumer goods rises. I think blockchain can fix this, that is, go with time without depreciating in value. Just think!
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I agree with what you said. If Bitcoin was the only cryptocurrency it could make more people start using it and make the government pay more attention to it. But it could also make the crypto world less diverse and strong. It's good to have other cryptocurrencies because they compete with each other and bring new ideas.Each cryptocurrency has its own special features and uses which can help technology improve and make the crypto market grow.Also having many cryptocurrencies can make prices more stable because investors can choose different ones to invest in.So it's important to have different cryptocurrencies to make sure the crypto world is lively and strong.
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I don't think bitcoin can survive alone especially if all the other cryptocurrencies don't exist then bitcoin will have no relative value and it will become worthless at some point. The value of Bitcoin is relatively compared to other currencies and it can be compared to an empire where Bitcoin plays the role of king and other cryptocurrencies play the role of subjects. If there were no common subjects there would be no need for a king's kingdom and no need for a king. So Bitcoin definitely needs altcoin to survive.
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Bitcoin would not be so successful if altcoins were not introduced, because if there's no altcoin that means Bitcoin is not open source, note that the first altcoin were forked from Bitcoin (Namecoin), and Litecoin was made from Bitcoin source too.
If Bitcoin is not open source that means people will be doubtful of its security and how it will scale in a broader way, also there will be fewer or even no developers who will contribute to the project if it's the case.
It also means, there will be no word "cryptocurrency" if bitcoin is the only one exists.
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If there's no other currency than Bitcoin, Bitcoin growth is not as fast as it gets. People might think that it will make Bitcoin more valuable, but in reality it's not.
Having altcoins make people to choose whether Bitcoin or Alts, but without Alts people choose whether to buy Bitcoin or not.
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If there's no other currency than Bitcoin, Bitcoin growth is not as fast as it gets. People might think that it will make Bitcoin more valuable, but in reality it's not.
Having altcoins make people to choose whether Bitcoin or Alts, but without Alts people choose whether to buy Bitcoin or not.
It could be a bad situation if Bitcoin was the only cryptocurrency around. Without other options, there wouldn't be any competition, and investors wouldn't have choices for potentially more profitable investments. In this scenario, if Bitcoin's value goes down, investors might quickly sell, risking losses. It's crucial to understand that having many different cryptocurrencies is good because it promotes competition, sparks innovation, and gives users various options that match what they want. If Bitcoin were the only cryptocurrency, it would have both good and bad effects on the crypto world. In this world, there have to be Bitcoin for altcoin to exist and vice versa.
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Healthy competition helps you to grow faster. It brings out the good things in you. I think that it is the same case with Bitcoin. If there were no competition from the beginning, Bitcoin wouldn't be what it is today. It's a good thing that we have altcoins in the market so that we can compare them with Bitcoin and learn what is the best in the business.
There's a marketing strategy that goes like this. If you put a vending machine containing only Coca-Cola, people will think to themselves, Do I want to buy it or not? But when you put two machines containing Coca-Cola and Pepsi, people will think to themselves, Do I get Coca-Cola or do I get Pepsi?
So I think Altcoins have helped BTC a lot to be what it is today.
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
Let's just say it wouldn't be good for us. As you said, the absence of alternatives would cause huge problems. Similarly, not having other projects contributing their tech and innovative would have adverse effects. Imagine never having BNB chain with its low fees, or Solana's quickness or Bitget never pushed Copy trading. It'll all be a boring atmosphere with not much to talk about.
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
Let's just say it wouldn't be good for us. As you said, the absence of alternatives would cause huge problems. Similarly, not having other projects contributing their tech and innovative would have adverse effects. Imagine never having BNB chain with its low fees, or Solana's quickness or Bitget never pushed Copy trading. It'll all be a boring atmosphere with not much to talk about.
There would be nothing to talk about. In this respect, you are definitely right, I understand your thinking. On the same forums, there will only be discussion about bitcoin and nothing more. ;)
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Yeah, that's probably what led to this. But on the other hand, it's all about comparison and competition. And people who are involved in investments can choose alts and earn more, for example the same TFS gives more Xs than BTC lately
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It is always good that there is competition on any market to make it more interesting because investors will be able to invest into more than one coin. We all know that bitcoin is the king of all cryptocurrencies and has great potential, but before bitcoin bull run will arrive, we can still buy other altcoins to make quick profit because altcoins cannot be held for a long-term investment like bitcoin. Traders will also have the opportunity to make profit from the coin that is on profit at that moment.
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If Bitcoin was the only currency on the market, I don't think it would have made it this far. Bitcoin would have had no competition, which could have prevented it from developing beyond its inception. Bitcoin was not only the first cryptocurrency, it was the beginning of a technological era. Ethereum, Ripple or Monero may not have existed, and those coins exist precisely because there was something to add and improve, speed, privacy and many other features that we had available for years.
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
Then the Bitcoin mining process would have been far tougher than it is now. There may be a limitation, whereby the price would be very high, leading to scarcity. Lastly, having only Bitcoin won't necessarily attract more people to the crypto space.
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
Classic question, What would happen if Bitcoin were the only cryptocurrency in the market?
I think at the beginning crypto or bitcoin , we all see bitcoin is the only crypto in the market.
No matter with this.
Then, there are many crypto today .
It's also good for crypto currency markets.
We also need stable coin and other to convert our bitcoin..
In my opinion , better there are many coins at the market, I think.
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It may be good for Bitcoin if more people start using it and it becomes more popular. But it ccan also mean that there are more rules and regulations for cryptocurrencies. This could make it harder for new ideas and innovations to happen.
Now there are many cryptocurrencies and they are now involving in our lives so this is not easy. And if these other cryptocurrencies will disappears with out any indication so this will make a bad impact on crypto world or even on Bitcoin too.
Having other cryptocurrencies can also help make the prices more stable. If Bitcoin is the only option... any changes in its price affect the whole market much. But if there are other cryptocurrencies... investors can choose different ones to reduce their risk.
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While Bitcoin's dominance brings advantages like increased adoption and focused innovation, having alternatives ensures a diverse and resilient crypto landscape. Different cryptocurrencies cater to unique needs and foster innovation, contributing to the overall growth and development of the blockchain space :( (https://bitcoinyorum.com/2023/12/19/data-coin-yorum-streamr-coin-analiz-ve-data-coin-fiyat-tahmini-2024-2025-2032-altcoin-analiz-bitcoin-yorum/)
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While Bitcoin's dominance brings advantages like increased adoption and focused innovation, having alternatives ensures a diverse and resilient crypto landscape. Different cryptocurrencies cater to unique needs and foster innovation, contributing to the overall growth and development of the blockchain space :( (https://bitcoinyorum.com/2023/12/19/data-coin-yorum-streamr-coin-analiz-ve-data-coin-fiyat-tahmini-2024-2025-2032-altcoin-analiz-bitcoin-yorum/)
Sure, as the king of crypto currency bitcoin will always dominate at the crypto currency market.
But I think we should talk about What would happen if Bitcoin were the only cryptocurrency in the market?
My answer, we don't have another coins for investment
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If Bitcoin is the only coin in the crypto market then i invest my all money in that because in this market we are not going to waste our money this is the life-changing opportunity market and this changes so many people's life with just the low investment.
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
If there were no altcoins, the cryptocurrency market would not even reach its current heights. Bitcoin wouldn't have been so successful. Altcoins have added useful diversity and more useful features to the market. Thanks to these features, people become more aware of the benefits of using cryptocurrency. It was altcoins that made it possible for cryptocurrency to be used in many areas of human activity.
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To be honest with you all and to the op as well, I personally think and believe that if bitcoin was the only crypto currency available, by now, the price of bitcoin would have been off the roof, majority of people in the world entirely might not be able to even afford 0.001 bitcoin by now due to the price, but this is actually if the market capitalization of the current crypto market in general was on bitcoin alone.
And another thing to also note is in terms of fees, by now, there would be millions, if not actually billions of transaction every seconds, and this would have caused the transaction fees on the bitcoin network to be super expensive, maybe even far more expensive than it currently is due to the current mempool congestion caused my ordinals.
Which ever way we choose to look at this, I think the existence of altcoins have done more good to bitcoin, and to investors, more than harm, without altcoins, many of us probably will not be able to transaction on the bitcoin network, expect we all switch to the unpopular bitcoin lightening network.
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Yeah, that's probably what led to this. But on the other hand, it's all about comparison and competition. And people who are involved in investments can choose alts and earn more, for example the same TFS gives more Xs than BTC lately
alts give us more Xs, but the risks are much more, because the same btc is almost always growing in price, although sometimes it is begging a lot. But I agree that alts allow you to earn a lot in a short time
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That's a thought-provoking viewpoint! I concur that there may be advantages and disadvantages to Bitcoin's hegemony in the cryptocurrency space. As you pointed out, on the one hand, it might encourage adoption and innovation. However, it can also result in a loss of resilience and diversity. Thinking about what would happen if Bitcoin was the only cryptocurrency is an intriguing thought exercise.
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Then this forum won't be born. On seriousness, all of us will be concentrated on Bitcoin, and the price will be more volatile. I could see that it is pretty boring, as we cannot see exchanges right now that big as Binance as we are only using our local wallets. Also, this won't happen because there will always be competition, and wherever you are, people will try to imitate it and try to make their own coin and make profit on it.
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If only Bitcoin was in the market, it would have gone to a very complicated stage. Because it was the only coin in crypto currency where people are only one option to invest. It was an annoying situation. In addition to Bitcoin, cryptocurrency has become a complete form for everyone while other coins are present. And if there are no other coins, it will remain incomplete. In crypto currency, Bitcoin is like Godfather and other coins are understood to be powered by Bitcoin. But I think the state of crypto currency will go to a bad level if there are no coins other than Bitcoin.
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
Classic question, What would happen if Bitcoin were the only cryptocurrency in the market?
I think at the beginning crypto or bitcoin , we all see bitcoin is the only crypto in the market.
No matter with this.
Then, there are many crypto today .
It's also good for crypto currency markets.
We also need stable coin and other to convert our bitcoin..
In my opinion , better there are many coins at the market, I think.
It is true that more and more crypto circulating on the market has potential, giving color to the world of cryptocurrency itself, so that Bitcoin is not just monotonous, Bitcoin's journey will definitely be boring until now and there will be no halving or bull run stories.
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talk about the OP question above
What would happen if Bitcoin were the only cryptocurrency in the market?
I think maybe we will only one option for invest in crypto currency.
It's only bitcoin.
But while there are many potential coins, We have other choice for investment ..
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Yeah, that's probably what led to this. But on the other hand, it's all about comparison and competition. And people who are involved in investments can choose alts and earn more, for example the same TFS gives more Xs than BTC lately
Divide the population of investors that are into crypto, you wouldn't be surprised that half of the people are only into altcoins most especially the dodge community, they started the crazy pump which led to the meme time today. The rest of the people hold bitcoin but it's not all of them that hold bitcoin, some diversify their portfolio too with few sats and the rest are altcoin, only a few investors still hold a substantial amount of bitcoin.
Bitcoin is heavy to some people, not that they don't they don't like it but when they look at the potential growth, only those with heavy money can make more money from bitcoin. If you have a smaller amount maybe less than $1k dollar, the chance of making it big here is slim because if you are expecting to do 100x from here, then you are in a long ride of nothing, that is not happening anytime soon.
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If there is no other currency then bitcoin could have gotten to an unimaginable price and could caused a price surg making it too difficult for an average person to acquire some of it then again the minimal transfer ratio could have caused panic across investor coupled with the sudden gas increased I think people would hardly make transfer.
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If there is no other currency then bitcoin could have gotten to an unimaginable price and could caused a price surg making it too difficult for an average person to acquire some of it then again the minimal transfer ratio could have caused panic across investor coupled with the sudden gas increased I think people would hardly make transfer.
You are right, and exactly in line with my previous comment, I can only imagine what or how congested or clogged the bitcoin network is currently is, all because of the so called ordinals on the network.
Now, I also want to imagine how clogged still, the bitcoin network would be by now if bitcoin was the only crypto currency, and then, let's also assume that ordinals still found their way into the bitcoin blockchain still, it simply means that transacting in bitcoin would have been completely useless, as even with a $500 to $1000 transaction fee to maybe send like $100 ;D, the transaction will still be there for weeks before confirmation.
I've said it before, and I will still and continue to say that altcoins are a blessing to bitcoin, for the work of cryptocurrencies would have been too enormous for bitcoin to handle, but with altcoins available as an alternative, we all have a smooth running cryptocurrency ecosystem.
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Just like a community with only one rich man, it is this man that provides for the whole community for them to eat, only the rich man empowers. I think it would be boring and not exiting.
A very good look at Ethereum for instance, there are many good use case in Ethereum blockchain such as contracts that isn't available in bitcoin. If it is for only bitcoin, no defi, no NFT and the rest.
The little competition that altcoins give, is what is pushing the cryptocurrency industry.
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If the business does not have rivals or whatever is called rivals, then that business cannot sell because it is more likely to be squeezed by circumstances and can be said to be useless.
Since 2009 until now, perhaps no one has bought Bitcoin, if Bitcoin is only one in the cryptocurrency market, the reason is because there is no price comparison.
Bitcoin can be expensive because of price competition with various altcoins, such as Ethereum, Doge, BNB, Polkadot, Chainlink etc.
If Bitcoin were alone in the cryptocurrency circle, it might be valuable too but it wouldn't be worth more than 10 USD.
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If Bitcoin were the sole cryptocurrency, market dominance would amplify, likely leading to increased adoption and regulatory scrutiny. Innovation might focus solely on Bitcoin's technology, potentially accelerating advancements. However, the absence of alternatives could intensify price volatility and stifle diversity, impacting the broader crypto landscape and its resilience.
If Bitcoin were the only cryptocurrency, it would possibly lead to a higher level of market dominance and increased regulatory attention. However, if Bitcoin becomes a widely accepted medium of exchange, it could create a more stable eco medium as more people and companies start using it.
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If Bitcoin were alone in the cryptocurrency circle, it might be valuable too but it wouldn't be worth more than 10 USD.
Bitcoin will become a very expensive commodity and each Satoshi will be valued once.
Bitcoin is a strange thing to have, something that is very expensive and even people like me would not own Bitcoin.
Even though you live alone in the market, Bitcoin will definitely be collected by rich people, artists or famous people in this world.
Or it could also be that Bitcoin will be worthless because there are no enthusiasts, if Bitcoin is alone and it would be something strange to have.
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Well, some say that if Bitcoin were the only cryptocurrency, it really would not make much sense and that the price would not really skyrocket like it is now. While others also think like you, what I think is that if it were only Bitcoin, there would have been more attacks by the government to make sure they brought it down or made it centralized because it would have held a great deal of value.