Bitcoin Forum

Hi guys, just wondering about other peoples opinion on this.

In order for the world of Crypto to grow and be mass-adopted, do you think crypto needs to step out of the shadow of Bitcoin or do you think its the other way round and that people should scoop up Bitcoin and let it always rule the roost?

I only say this as any sort of negativity that Bitcoin receives, shouldn't really affect some promising projects and cryptos that are essentially doing their own thing and making their own progress- only to be pegged back by Bitcoin losing value!

Yes i understand that all cryptos are tethered to the price of BTC, but will it/should it always be that way?

well they are mobing out there is a lot of wallet that can convert bitcoin into other coins even usd or local money so that is why i think they already moving out on the shadows.

There are no promising projects, all new coins are just copies of existing ones, thousands of projects have already promised to solve all the problems that Bitcoin has or bring some new features, yet no one has actually achieved that. Almost no one actually uses altcoins, especially those that are below top 20. If some talented people are actually interested in decentralized systems and peer to peer networks, they should be working on expanding Bitcoin, adding features like sidechains and smart contracts to allow Bitcoin to deliver promises made by other coins. It's better to have one coin secured by all the PoW in the world and thousands of nodes that can do everything, rather than have hundreds of small, unsecured and specialized networks.

The cause of the market fall because there was too much altcoin, most altcoin don't have any value, just hype, but these tokens, taking up most of the Crypto money market, it is totally unreasonable.

lol bitcoin is crypto

Are you talking specifically about coins that are intended to replace the functionality of Bitcoin?
there's tons of those, and none of them can ever achieve the same decentralization as Bitcoin, because nowadays, people jump on any ICOs or if there's no ICOs, they get in early on the mining and thus can amass a large amount, which people weren't aware of with bitcoin. so, unlikely to see any crypto replace bitcoin..

but if you're talking about crypto in general, then I can't understand what you're saying -
there's tons of great crypto that are made to fund/create/work as an underlying payment token for new types of systems (not work as a currency).
those definitely has their reason to exist. not all, but there are many fields Bitcoin isn't covering, and will take decades considering the current update speed..

to reply to topic, I don't like that Bitcoin moves the market and I think we need to decouple from Bitcoin.
Bitcoin can (and likely will remain to) be #1, I don't really care about that, but it has too much power for the (currently) application field it has..
but I guess we'll see this change when the market picks up, think about it - crypto as a whole has 1/3 the market cap of one singular tech giant (like Apple),
yet there's 100 Apples in crypto.

you can never get cryptocurrencies from the bitcoin shadow because bitcoin works as fiat money for the other cryptocurrencies, in all exchange you need bitcoin to buy another crypto.

Should be the other way around. Honestly, my impression so far is that most altcoins are just being used as a tool for speculative trading. Sure there are some outliers that actually useful like Ethereum but most are just meant to make gains from crazy speculative trading. Devs pre-mining a coin, ICO organizers take a lot of stakes, pump and dump, market manipulation, that's all I see from most altcoin so far. If crypto ecosystem wants to grow, people need to move on from these things, forget about getting rich quick with a 100x coin, and focus more on things that actually work and have real impact: Bitcoin.

I want the crypto to step out of the ball of bitcoin. altcoin prices are heavily dependent on bitcoin prices. If this continues to happen in the future, people will probably never invest in altcoin

I do not want bitcoin to control the price of the market. There are lots of potential coins, but falling bitcoins will lead to falling coin prices. I need a reasonable solution so bitcoin will also grow like another coin

I think these altcoins that existed were adopted by masses because of bitcoins concept that most cryptocurrencies will grow in the right time.Bitcoin gain adoption and this was the reason why altcoins has been also accepted.

NO! It shouldn't Bitcoins is cryptos and cryptos is bitcoins, I know there is alt coins but it's not that great when you compare it to bitcoins, I don't really like any cryptos other than bitcoins, even after all the beating and take down it just bounces up and up. I'm in love with bitcoins for it's strong character and can't imagine a world of cryptos without bitcoins.

I think it would be healthy for things to completely decouple.

There are things that are attempting to do what Bitcoin cannot and should not do. There's no particular reason why they should be tied to each other in terms of value and market action.

A prime example of this is XRP. How on Earth did it manage to wind up lumped in the same markets? There's no reason for it to be there in the first place. It's older than Bitcoin and is in no way an actual cryptocurrency.

What all of it does underline is that hardly anyone is in this for noble reasons. They're using all of these projects as a vehicle to extract more dollars and they don't care how it's achieved.

Nope. It's a free market. People will use the best crypto available to them for the most part. It just so happens that, all aspects considered, Bitcoin is the best crypto available at the moment. No one let Bitcoin rule the roost either -- the market did that on its own. You can't force inferior coins on people.

The price movement has more to do with all cryptos being speculative assets people use to earn money rather than Bitcoin being in the spotlight. Exchange hacks and/or regulations that have nothing at all to do with Bitcoin also affect its price negatively after all. I don't think this will change until the general public starts using them for their actual utility, because they're pretty much all the same to them at the moment.

this is very unusual happen, still hold your assets. the decline in value of bitcoin is very reasonable to occur within a certain period of value will grow back. bitcoin does not control the market price, but the market is again in a bad state, it also happens to other coins.

Bitcoin still has dominance over market over other cryptos ,though bitcoin has fallen its dominant nature remains mainly because of few reasons,1.trust of people as its oldest and 2.familiarity as compare to other crypto's. as long as these are prevalent other crypto's need more work to finally some day cross it , i think there is no shadow as you talked about because it basically how any economy work ,more value among people,more its popularity and production .and other crypto's which might not be able to work independently are working because they can be converted into bitcoin value , maybe they could surpass once they start wide spreading.

Hmmm it is not bitcoin who should step out to the shadow but the people who are using it. But that is not enough, people who does not have an idea about bitcoin should be given right information about bitcoin and other cryptocurrencies. After that, the government will come and embrace the future with bitcoin
If things go smooth then little by little the world will use bitcoin as an alternative payment to goods and services

yep, if bitcoin can't get the popularity at global level, any coin can

All coins are separate projects. They are not tied to bitcoin. Bitcoin is only an indicator of the value of all cryptocurrencies. The prices of all cryptocurrencies act simultaneously with the price of bitcoin only at first glance. But this is not always the case. It all depends on the General trends in the cryptocurrency market.

Even it looks like other projects independently in crypto world like ethereum is having its own blockchain also ethereum value determined by number of projects involved in ethereum network also decentralised exchanges were increasing value but once bitcoin price drops all other coins price are dropping no matter how potential this coins are . I don’t see any coins can move independently without bitcoin shadow in near future.

Yes, in order for them to step ahead of Bitcoin then they should try to get out of the shadows of Bitcoin and try to build another crypto but may have a good standard for the future.

Good to hear the guys who've been here a while have chipped in here as i was curious to your opinions on this.

As another poster in this thread said - and i agree to a certain extent - is that if the price of altcoins fluctuate even more wildly than the price of BTC, then this will eventually sicken people who have invested in them. The altcoins respective team members can't fulfill their (possible) potential, and new investment in alts will suffer as a result and perhaps fail all together, which in turn affects the price of BTC (as you need BTC to buy alts). You could argue that BTC/alts both need each other to survive, sure- not all of them, Wankcoin, Trumpcoin et al are just a total joke really so a lot of these blatant scams need to disappear completely.

It's a real grey area, and not quite as cut and dried as some people think it is.  :-\

The majority of cryptocurrencies on the scene is just a scam cloned and forked coin and having no real value and usage. Indeed there is some real project that has real value and usage but currently, BItcoin is the king of all cryptocurrency. All the ideas out there based on Bitcoin, So I can expect why all the markets are correlated.

very reasonable if BTC becomes kiblatnya kripto, because BTC is the first digital money in the world, and now has the highest price.

Bitcoin is truly valuable a token, while the rest of the tokens, looks little value, so most of the other altcoin concentrated in the hands of a few people, then this may appear manipulating prices,  the distribution of the bitcoin widely enough.

this is the same argument that was repeated here multiple times and the problem is that every one of you have  the same false assumption that altcoins are good.

bitcoin is not ruling anything. it does not have a shadow on anything. bitcoin is not the king of anything.
bitcoin is just a good technology, a good currency, and the only decentralized currency out there.

the problem is that altcoins are so shit that they can not gain the adoption they require to be able to stand alone. they so far are only used purely for speculation and for profit making, nothing more.

Yeah that would be a great thing for a crypto to do because all this time, all the cryptocurrency has been dependent on Bitcoin. If something bad happen relating to Bitcoin, all the cryptocurrency that is under it will be affected too which is bad for those projects that have potential to grow without Bitcoin.

All the same, an alternative is needed. The ship is big, powerful, but each has its own strength, but if it is overloaded, while it is far in the ocean, what to do. All that is needed is the one who is not attached to him.

What for? Is there something wrong with bitcoin? Many cryptoes give promise that they can exceed bitcoin but all that does not make sense, in fact most altcoin is just hype and this is what makes people afraid to invest in the world of crypto.
If people want crypto money for global prosperity they should focus on bitcoin development rather than fighting over each other to make altcoin to replace bitcoin.

This is a good and very timely question. In my opinion, bitcoin will soon have to lose its dominant role among the crypto currency. This does not even concern bitcoin. Any dominant on the spot of bitcoin crypto currency with time and with the general development of the crypto currency will need to lose such dominance. This is simply inevitable. Bitcoin has already begun to lose its dominance and its percentage has already dropped to forty. No matter how further bitcoin did not behave - increased in price or lowered, it will inevitably include mechanisms that will lower its dominance among the crypto currency and bitcoin will less and less influence on it in the price plan.

Actually this does not happen as you think, the price of cryptocurrency is not based on the bitcoin price movement. What makes this happen is that most people who have investments in altcoin automatically will have an investment in bitcoin. So when bad things come to cryptocurrency like negative media coverage they will be selling the bitcoin and altcoin they have. Their focus is not on bitcoin prices, but they will hang on to media that will make them sell bitcoin and altcoin.

All the other altcoins will not have exist if not for bitcoin. We can never remove bitcoin out from these alts. If bitcoin goes down, most if not all the other alts will move along its course because if not eth, bitcoin is its trading pair. Most likely, if people see bad news automatically will withdraw all their investment whether it be bitcoin or altcoin.

they absolutely need not be so addicted, are these companies not managed by others, why is it so addictive sometimes it is ridiculous, it needs to be separated a little

Yes, it is necessary to deviate from the price impact of bitcoin. Over time, this will inevitably happen. Now we do not actually have a crypto currency market, the price of a crypto currency depends on the price of bitcoin and this is wrong. However, as if he did not behave himself in the future, he is already in inevitable scissors: if he grows in value, if he reaches a certain high price value, he will simply depreciate due to the inevitable panic, and if he will stand in price or fall - then people will be disappointed in it and go away from using it. In both cases, bitcoin will lose its dominance.

Various types of electronic money should be tied to teh btc price. Let's look at btc as glod and btc as a common landmark for all.
It is almost impossible to replace btc by other crypto because all other are just a copy of btc approximately.

All cryptocurrencies will stay in Bitcoins shadow because they are just copying Bitcoin. Bitcoin is the innovator, and what did the others add? Nothing, there are some interesting coins but still nothing new, Bitcoin rules the market and it is the oldest and biggest coin. And it will stay that way.

Now Bitcoin acts as the USD in the global cryptocurrency market.
This is due to the highest level of investor confidence, which is evident from the dominance of the market - more than 40% of all crypto.

I think that even if bitcoin prevail in the future, there will be several good alternatives for payments and others purposes.

Bitcoin is part of cryptocurrency. But cryptocurrency continues to be under the bitcoin shadow as bitcooin started it all. Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency. It was developed “A Peer-to-Peer Electronic Cash System“ which other cryptocurrencies followed.

Unfortunately, I think that this will be so always a very small project, does not depend on the price of the top coins, and these proekki are incredibly successful, this market and prices always dictate those who are ahead!

I think this has been already started.Coins are doing well individually and the main example of this would be ETH.Bitcoin is down and out from  last year and that has a even till now but this is not the case for other altcoin.

As long as they are using the same technology as bitcoin,even if they got different purpose,other crypto will never be able to step out of bitcoin shadow.But if there's a crypto that surpass bitcoin in feature and adoption,i think bitcoin will be overthrown.

I think other cryptocurrency should really be having their own trading pair with fiat so that alts will not be affected anymore when Bitcoin price drop or goes up. If the same thing will happen in the future other cryptocurrency will not be able to compete and will always be used only for trading and no real world uses like what Bitcoin has. And I think time will come that alts will be independent because some exchanges are already implementing fiat trading pairs for some cryptocurrencies.

If anything I think bitcoin introduces people to other crypto's eventually.

I think it's not a bitcoin error, maybe altcoin you mean does not have enough fans so altcoin can not survive in the market. Most altcoins are only used for pumping and people will go after getting a profit.

Well bitcoin came from crypto and crypto is getting the benefit from bitcoin's existence. I don't think it would be a great idea because bitcoin is getting popular so go with it. Crypto must be with bitcoin all day long and it's a win situation for them. Without bitcoin crypto would just be a system but not that popular.

If you can step out of someone's shadow, it's always good. But the problem is that it's your inability that hampers you from being independent. So does Altcoins. They have too many shortcomings and aren't good enough to compete with Bitcoin, which obstructs their own path.

It's would be great if Altcoins are able to stand on its two feet instead of depending on Bitcoin. At the present when Bitcoin's playing the role as the medium of other coins' exchange, that Bitcoin falls down will get the coin market gloomy. So if the Altcoins are less dependent on Bitcoin, the market might avoid serious consequent when Bitcoin dips.

Much as I hope Altcoins will step out of Bitcoin's shadow, I'm not optimistic enough to assure that's possible. Bitcoin is the first so it has an advantage over the later coins. Also, lots of coins are created with the view to solving Bitcoin 's shortcomings yet none is actually outstanding or superior.

I do believe that crypto might be needing itself to step out the shadow of bitcoin. Bitcoin really affects the growth of these coins we're having. For me I personally believe that for example, Neo should be a stand alone coin.

I think the future will be the same crypto with bitcoin price.
no doubt all altcoin is strongly influenced by bitcoin. probably because of the oldest crypto bitcoin.

Bitcoin is the measure value in crypto world, and exchanges works using satoshi instead of dollars in buy and sell orders. Only dollars value is dependent by the btc.

I do not quite understand what that means. I did not see a single crypto currency that would try to look like bitcoin. Everyone is trying to show that their product is unique and has no analogues.
However, perhaps I agree that bitcoin has a huge impact on the whole market. And unfortunately if bitcoin will fall in price, then other crypto-currencies too.
And it's even more miserable to realize the fact that something as soon as possible will appear as bitcoin

They can't even if they want to. You must remember always that bitcoin was the first, it will always be the standard in the crypto world. And as you can see, all other coins follow the trend of bitcoin value. When bitcoin price increase, all increases same as when it decreases.

I don’t think that crypto is something without the bitcoin. As we all know that crypto is a very big name for all of us and to the most surprise is that we all consider crypto as a new way of technology and a new way of development and moreover crypto consisists of many virtual currencies and all together constitutes crypto currency but still no currency is that superior as bitcoin is , i guess and I don’t think that crypto could survive if it comes out from bitcoin shadow.

There are many altcoin running in the market but they didn't have popularity as have the bitcoin the future will be same crypto with the bitcoin price.

I think this is necessary. I do not want to see the price of altcoin depending on the price of Bitcoin. I want everyone to be fair in investing in the altcoin. There are many altcoins potential but prices cannot increase in the past time

Currently trading crypto is considered a like kind exchange so no capital gains taxes are due (there is some dispute with this but the irs only guidance seems to reinforce this) . You only have a taxable event if you sell crypto for cash. The reason is the idea of a like kind exchange which basically says you arent really selling but rather keeping a different form of the same kind of thing...a "like" kind.

The new tax bill would make it clear that like kind exchanges are reserved only for real estate thus any trade of a crypto currency would not be considered a like kind exchange and taxes would be due.

The cryptocurrency steps out of bitcoins already, different altcoin have so much potential more than bitcoin now.

The sweet and simple answer is no. Bitcoins is cryptos and cryptos is bitcoins, others are alt coins that just copied bitcoins and some even stole it's name. People only know about cryptos thanks to bitcoins remove bitcoins from cryptos there'll be nothing left the entire market will just simply tank and before one knows vanish. Bitcoins is needed for the safe and stable growth of cryptos.

Do you mean ''other cryptos''? Because bitcoin is alsoa a crypto.

I don't think that the other coins grow under the shadow of Bitcoin. There are many wallets and exchanges which will assist anyone the currency conversion and nowadays you may convert any to any. So being the front runner in the industry, BTC is the most stabilized out of all but it does not say that the other currencies require to nurture under its shadow.

bitcoin is cryptocurrency.
cryptocurrency is bitcoin, that's my opinion and bitcoin will not be in leave.
and forever crypto will always be with bitcoin.

That's right, guys, because all Cryptocurrecny is on Bitcoin.
Exchange all of its pairs on Bitcoin.

Unless the local Exchange is open between Bitcoin x Fiat (the country you live in) and Bitcoin still Bitcoin cannot be falsified.

I don't think that any cryptocurrency will ever come out of the shadow of Bitcoin. Bitcoin has been carrying forward the image of cryptocurrency. Many people are investing in altcoins because of what happened in Bitcoin. You can never take Bitcoin out of Cryptocurrency market.

Just because the market is down right now, we have to disassociate bitcoin with cryptocurrency? Not that it’s possible. Please do take note that to most people, cryptocurrency is bitcoin.

Although i respect conservative opinion, "cryptocurrency is bitcoin" is wrong thought. Yes first cryptocurrency is bitcoin but take a note that bitcoin is based on other currency idea. Different is satoshi created with name bitcoin and it worked succesfully.
It is same as you say US dollar is only fiat money because it has bigger power.
In order to make cryptocurrency and blockchain grow more advanced, altcoin is needed

Well for startes, let's change your term crypto to the more specific altcoins since bitcoin itself is a cryptocurrency.

Not that i'm a bitcoin fanatic or anything of that sort, but i doubt that altcoins can move beyond the shadows of bitcoin, as of the moment.  Remember that bitcoin paved way for cryptocurrency to be an acceptable investment. In fact, a lot of coins out there owe it to bitcoin and are using the same platform. Their primal design as a coin, is one and the same.

As for the negative effect bitcoin's plunging price brought to altcoins, i'd say that can never be avoided right now. But the good thing is this, a lot of people are pushing bitcoin to be recognized as a worthy investing instrument, and when it finally gets the nod of approval of governing authorities, altcoins will have a lot to thank for once again.

So be patient, stay positive. Bitcoin will be to the rescue soon and altcoins is set to rise again too.

All the new projects are just reinventing the wheel by promising of solving the problem that has existed for a long time yet each day new ICOs are arrriving claiming to be world first in what has existed before. It is greed that is forcing men to stand in the shadows of bitcoins yet adding nothing new.

Even if they want to, altcoins cannot step out of Bitcoin's shadow because the technology and the idea was copied by Bitcoin. The only thing that they can do to step out of Bitcoin is to think of a new idea that is not originally came from Bitcoin specifically the technology.