Bitcoin Forum

Well, there is the question. So many new coins and tokens being published on a weekly basis. Can all these coins affect BTC in any way? Can they drive investments away from BTC and if they can, what s the whole point? Personally, I am always for innovations but recently, I cant keep up with all these new opportunities and I do not think the market s wide enough to let all of these coexists.

the only effect these new coins have on bitcoin is that it helps a few of the experienced traders to make more bitcoin and that is all.

also i have to say it doesn't matter how many of these new coins are being created as long as there is something shady going on with them like pump and dump, IPO, ICO, and a lot more they will just die after a while.

They won't massively affect bitcoin valuation. Only the behemoths like ether and to some extent litecoin can make a potential dent, but then again, ether also drew in a LOT of capital from outside of the current crypto scene.

They might dilute the value in the short term, but looking further, it helps grow the crypto scene. New blood is coming in daily, and not always due to BTC, but it might lead them to BTC in the end.

Most of the successfull alts are used for niche markets where bitcoin has no place anyway and finally, the market caps may be quite high, but with the low liquidity, it is mostly bullshit anyway and any selling may drive the price down tremendously.

Depends on the type of investors who are interested in these type of tokens and alts. Talking about DAO, i think it have helped to catch some fresh fiat from all over the world as its been on news several time and even ordinary man try to get his hand into this. Now after it will be relased for trading lots of panic sellers will dump their DAO than convert to eth and again that eth to bitcoin that may increase the demand and we will have nice price for bitcoin halving party.

There are a few alts out there that are worthy of being taken note of, but given that there are hundreds of alts, I would say most can be ignored.
I am sure that some quality coins will ultimately die due to lack of interest, but plenty of other pretty scammy ones will reach $100mill market cap too!

Basically, look at the highest cap coins, and keep your eyes open for new tech, or interesting ICOs.  Otherwise I don't think you are missing anything.

With more than 400 casualties among the so called alternative coins I see no harm for bitcoin really. Nothing proved to be able to take its place in 8 years. Of course this may change but I think that if we will go through bad times again the community will prove intellegince rather then stupidity.

If you look at market cap there's is truly no comparison.

I would say that they are partially negative. The problem isn't the coins themselves, the problem are the people who are buying them in the hopes of 'making their dreams come true' (i.e. a lot of profit). 99% of those coins are useless and some were damaging to the 'investors' who bought them. Aside from that, I don't see it being a huge problem.

It usually does do 'damage' in the short term. However, Bitcoin could benefit from a secondary coin that could be considered a 'success'. Additionally, some 'competition' might not bad that bad either.

The anonymity of Monero would be a example of that.

Many enthusiasts believe altcoins absolutely necessary, and think that they can not compete with developed infrastructure Bitcoin. However, it is not pleading that altcoins are an important part of the market cryptocurrency.
Decentralization is one of the most important goals of Bitcoin, but altkoiny improve further the process of decentralization cryptocurrency community. In addition altcoins help developers to experiment with unique characteristics.
Although Bitcoin can copy any innovation, if the community so desires and developers fully functioning altcoins It is much better laboratory for Bitcoins than test the Bitcoin network, since altcoins have a certain monetary value, in contrast to a test network. Finally, altcoins offer a healthy competition in the market cryptocurrency and thereby provoke Bitcoin developers remain active and continue to develop innovations. If part of the crypto community considers that the Bitcoin is outdated and no longer meets their needs, they can take altcoin.

maybe a little,as i see, altcoin created for trading purpose and their main purpose is NOT to be used for paying things,i've seen so many altcoin developed month by month but never see one of them trying to push their alts to be used for payment processor in few site

Only of they move from a BTC pair to a fiat pair. Otherwise they support the price of bitcoin.

it can affect peoples view of crypto currency

I know someone that lost alot of money trying new currencies
and they all went down or failed. He finally gave up on it all

+1 to this. If people lose money or get scammed after investing into some alt, there re much less prone towards getting back to BTC.

I don't thin so. every currency has its own value. the bitcoin value is increasing day by day, people are investing their money in bitcoin, they are even doing shopping and exchanging in bitcoin so I think bitcoin getting stronger and stronger.

I don't think that Altcoins will drive any investment away from Bitcoin. Bitcoin has by far the largest market capitalization. Bitcoin has a first mover advantage. As such, it has the greatest network effect.

Altcoins primarily compete among themselves. For an Altcoin to be significantly successful it is necessary that it either offers a revolutionary better concept than Bitcoin or is linked (as a service) to Bitcoin. Ethereum is successful (for now), because developers realized that it makes no sense trying to outmatch Bitcoin. Instead they chose a symbiotic approach.

Altcoins that do frequent giveaways to people outside the cryptocommunity can be free advertising for Bitcoin. What starts as a fun activity with nearly worthless digital tokens end in investing in the serious cryptocurrency Bitcoin - see for example Dogecoin.

ya.ya.yo!

The biggest detriment would be more direct fiat/alt options. There are an increasing amount of outlets for this. Fresh crypto money wants results. Bitcoin looks like a pointless investment if you're looking for mega returns and equally epic losses. Gotta say I wasn't expecting almost all price action to move away from Bitcoin.

The alt space is a laboratory of new ideas, and it is fun to see what they produce and what succeeds and what flops. If only bitcoin then copied all the successful ideas!

But in general this is how things innovate. It is a bit like Henry Ford saying, you can only have black cars, and General Motors coming along and allowing colour. Ford would argue that there was no need for GM and it hurt him, and it did. But the customer benefited.

no not at all.

regular people who don't know about crypto currencies and have no prior view about them also don't know about altcoins in the first place to invest in them.

they will first know about bitcoin and know crypto currency as bitcoin then see these copies which are also called "altcoins" so if there is any effect that will be on their view of altcoins not the whole thing.

Doge is likely to have attracted people who didn't really know what Bitcoin was to start with. Similarly you could read up about Ethereum and Bitcoin may not cross your mind in the slightest. It's a very different proposition.

yes but even if you encounter them for the first time and you google the term ethereum you will find all these sites that are talking about bitcoin and also have an article about ethereum.
especial a coin like eth which tried to stick itself to bitcoin from the beginning to rise up by doing this.

That's exactly what I have been talking about for so long.

The presence of so many altcoins is slowing down bitcoin's growth. The people with invest able surplus is putting their money in to so many coins hence bitcoin is not seeing desired market cap increase and hence the price is moving up slowly.

Nah I don't think, bitcoin will still remain the most popular. In past few months many new alt coins have come but I hardly know or care to know any of them, maybe only eth, which has been somewhat popular but still can't get as much attention as bitcoin.

What about Factom, Lisk and starting tomorrow, DAO? True, these re mostly tokens but still, the principle is the same.

Heh, BTC seems to be increasing in price. Maybe that negates my question.

Most new altcoin will die, but before they die, people need bitcoin to buy them, that will increase the value.

Today the price has gone much high than yesterday's. It reached $500 but didn't sustained long. This growth indicates that alts won't affect bitcoin any instance.

It may be just another pump and dump but something tells me we ve got a real deal this time. The fun part is we have 2 more months before halving. Interesting times ahead.

there always have been so many altcoins in the market and so many being created each month. but they can no affect bitcoin market because 95% of them are just pump and dump coins which have copied their code from another altcoin or bitcoin without any new features.

there is a small percentage (5% in best case scenario) which is good alts but even those are mostly being pump and dumped.

so all these altcoins are only helping investors make more profit on their bitcoin amount.

I totally agree with you that there are many new altcoin are being launch almost weekly but I doubt if they can drive us from bitcoin because you cannot change these altcoin to fiat you still need to convert them to bitcoin ,I think they compliment the power of bitcoin we just need to restrict scam coin to avoid diluting the market..

Also there is the fact that lots of these "innovative" coins and ICOs get funded after all. Otherwise they would not continue to get published day after day. Competition s always good, I m always for that but I wonder how wide can crypto market become before it s saturated.