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Title: Will bitcoin's value be affected by other digital currencies? Post by: clil1969 on January 13, 2014, 06:33:30 PM Hi, Will bitcoin's value be affected by other digital currencies?
Title: Re: Will bitcoin's value be affected by other digital currencies? Post by: guybrushthreepwood on January 13, 2014, 06:40:04 PM Hi, Will bitcoin's value be affected by other digital currencies? No, but usually when Bitcoin rises it pulls all the others up with it. The only way an alt will affect Bitcoin's price if one is created which is leagues better and not just a copycat. Title: Re: Will bitcoin's value be affected by other digital currencies? Post by: ElectroBTC on January 13, 2014, 06:50:37 PM I would say other digital currencies' value more likely to be affected by Bitcoin quotes than vice versa.
Title: Re: Will bitcoin's value be affected by other digital currencies? Post by: sherpico77 on January 13, 2014, 08:22:48 PM Hi, Will bitcoin's value be affected by other digital currencies? No, but usually when Bitcoin rises it pulls all the others up with it. The only way an alt will affect Bitcoin's price if one is created which is leagues better and not just a copycat. Good point. I agree. :) Title: Re: Will bitcoin's value be affected by other digital currencies? Post by: Cryptopher on January 13, 2014, 08:30:13 PM Bitcoin is the gold standard as far as the public is concerned. It is the first name that the public hear and the one they will associate. For instance, if you tell a general member of the public about Litecoin, if they are remotely aware then they will say something like "Oh, is that like Bitcoin?"
The only thing that will affect Bitcoin's prices is the public reaction to news, and people manipulating the market. The acceptance or rejection of Bitcoin will ultimately decide whether it worth thousands, or hundreds of dollars. Bitcoin's price will affect the price of many other coins though as it is the umbrella for all cryptocoins. |