What would happen if Bitcoin were the only cryptocurrency in the market?

[Gurujebs]

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.

[SmartGold01]

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.

[Fivestar4everMVP]

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  , 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.

[KingsDen]

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.

[IyemRoker]

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.

[Callisto]

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.

[jonathancool220]

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.

[Dr.Bitcoin_Strange]

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.