Bitcoin Forum

I felt like seeing a movie and opened my streaming app (Netflix) to make a selection of a movie to see and I became confused which to select because of the many choices that I saw. I immediately had this thought that it is the same way people who have the interest of investing in cryptocurrency become confused the one to invest in when they find out that there is bitcoin and many other altcoins. Many people become confused and make mistakes because of the many options they have in cryptocurrency, they fail to invest in bitcoins because they think that there are many other very good options. Do you agree that more people will choose to invest in bitcoins if there were not so many cryptocurrency choices although not all are good?

Bitcoin is unique.

Those altcoins are 99% crappy, and the 1% that is better is not even similar to bitcoin.

Bitcoin is the only one that is permitionless, borderless and censorship-resistant.

And people need it, and they will chase it.
Not to invest and become rich, but to protect themselves and their property.

People buy bitcoin to escape fiat slavery & government control. People buy altcoins to get more fiat or to convert into bitcoin. They are not the same, bitcoin maxis are totally different to altcoin investors. Obviously if there are less alts it suggests the price of bitcoin will be higher.

Sometimes altcoin guys need to get totally rekt first to give them the push to be bitcoin only. It’s a painful experience for some guys.

I don't think it's about the sheer number of coins. The main competitors of Bitcoin in terms of attracting investment are the large coins like ETH or DOGE. Some fresh shitcoin that was created 3 days ago will only attract thousands of dollars in investment, while the big shitcoins attract hundreds of millions.

Shitcoins will remain popular because Bitcoin became too boring for trading addicts, they want more volatility and more opportunities to get rich quick. Perhaps many of such investors wouldn't invest in Bitcoin anyway, and would go for some other high risk assets like penny stocks or derivatives.

if people really want a Decentralized system then even if the person sees more choices in cryptocurrencies (altcoins) but still the person will choose bitcoin. because only bitcoin is truly decentralized. while the others are mostly close to centralized systems. And now I think people are starting to realize the huge difference.

But what makes people still choose altcoins is because they want profits that they can achieve quickly even with higher risks. but even now actually trust in bitcoin continues to grow bigger. maybe if the number of choices were fewer then of course bitcoin would really be the most chosen option. even though it's like that now. i.e. even now bitcoin remains the most widely chosen.

There are investors who will prefer altcoins because of the promises the dev team had laid upon. Why some investors buy more tokens is because they are also enticed by the rewards. I don't think its confusion, there is just an opportunity.

They are aware there is BTC but when there is the hype about those altcoins and it's time for the bulls, they will allocate some of thier investment to altcoins. Come a time, they will still be back to buy BTC.

They'll learn from their mistakes soon enough. Bitcoin is well known, a lot of people buy alts for silly reasons too (like "i can buy a whole one" when talking about alts like bat and doge).

Ultimately, if and when their coins start crashing they'll have to sell up and move to somewhere safer like bitcoin (or leave) but I'd assume those people would be more likely to pick bitcoin then anyway.

I think it is a thing of choice though. If you have made up your mind to do something and there it comes and you are doing another it seems though you are confused and you are yet to make up your mind for it but in respect to this topic you have raised, if it is someone who has knowledge of what they want then they can not be bothered with the numerous options they have seen. If at that stand, I think doing a little research would be ok to get insight of what they really want to invest in but if you have already done that, you should know that bitcoin has a big advantage over other Cryptos which must not be mistaken for a mismatch.

I don't find any reason to not invest in other altcoins, there are many potential coins around the crypto space.
Not all are good but some of them are good, but not the best. There is only one best crypto which is bitcoin. If people fail to recognize bitcoin because of other options around them then they are doomed or they don't know what they are doing. A lot more cryptocurrencies will come in the future so there will be no lack of options for people. But choosing the right asset will secure their investment.

I assume most people have their main investment in Bitcoin. Although some people invest in altcoins, I guess it is not their main investment but just a side investment. So, too many options of crypto coins won't affect much to people's choice for the main investment. I believe everybody knows that Bitcoin is the only safest coin to invest in for the long term. But since altcoins prices are more volatile that offer the potential for bigger profits, people diversify their assets. Investing in altcoins isn't the wrong choice as long as people know which altcoins deserve to invest in!!

The larger number of cryptocurrencies we have in the market does not stop people from choosing Bitcoin more than every crypto in the market. We know Bitcoin is the only true decentralized crypto and people just need to choose if they want the best or shitcoin.
From my own understanding, Bitcoin is the most used cryptocurrency for payment globally and it has always maintained the dominance of 40 - 60% and it still does.

Buying and holding Bitcoins needs patience, a very long term patience that not every trader can afford, at least not the average ones, whereas most altcoins give short term quick profits and once the money gets out, they are done for years and will not perform till the next cycle or may even die. Bitcoin is different, it is out of the reach of these altcoins both in terms of value for money and respect it has due to its price. Comparison is impossible, so thinking that altcoins are hindering the people to choose Bitcoin over them is a myth. For those who love btc, they will buy btc only. And altcoins are good, because when there are no choices, even investors get bored which is why we also see new companies' stocks popping up each day to give us more opportunities or to fetch away our money.  ;)

I agree with you OP. I've said it years ago when I first joined the market that IMO most altcoins is just noise that's there to distract you and siphon some of the money away from bitcoin. Many of these coins exist only to decrease bitcoin's market cap and leach into it. You could see it in 2018 when a lot of these bitcoin imposters started to come out like BCG, BTG and so on.

IMO people who are investing in altcoins are either looking for fast gain (pump and dump) ore are hedging against bitcoin, or at least trying to. A good example of a hedging altcoin is XRP but I don't think it's going to come out on top.  don't own any XRP, I see no reason to go against bitcoin. If bitcoin fails XRP and other hedges will fail as well.

Why did you use Netflix though? You can't make money watching Netflix and people choose different type of crypto projects when building a money-making portfolio, we are told not to put all eggs in one basket just in case, but when it comes to Netflix there is no money involved, I can either watch adventure or action movies, just find what suits or hungry you.

Bitcoin gives investors more confidence in doubt but one movie can't give you same thing because you can't keep watching one movie over and over, poor comparison IMO.

Can't agree with that. It is the same with all the other things in life too. There will always be people who will be willing to invest in other crypto or alts. Otherwise, how could someone know that if they are bad or good. Let's say from your example. Movies right. Even if you find one movie worth watching, are you going to watch that over and over? And also how are you going to make sure that particular one is good and others are bad if you haven't watched them yet?

After sometime in crypto world, people who are investing in shit coins are also investing in bitcoin too. But they are spreading their vision towards other side. When there are only countable few left, after trying them, investors will move towards Bitcoin for sure if they are not making any profits from those alts, and they know the future what Bitcoin holds.

Obviously!
If you have only two types of ice cream in the shop customers will for sure buy more of those brands than if you would have 100 different types.
The moment there are multiple coins in which to invest even if the majority would keep most of their investment tied to bitcoin they will still spend a few $ here and there on altcoins, so cutting down that supply would for sure drive more money into BTC

And there s another thing, some choose to invest in other tokens because they know that if they are lucky they will hit the jackpot, there is no way for BTC to get the same return as some of these tokens, for example, Shiba Inu went 46,000,000% in 2021, so some are thinking of selecting 100 coins, putting 1$ in one and if just one does the same they will earn far more than they could earn from BTC. At the same time, they could earn -100  ;D, but that's another story. If those opportunities would not be there the 100$ would go to BTC or at least a part of it.

Your analogy is sound but the way you made use of it is wrong. You are supposing as if bitcoin has the same amount of popularity and acclaim as any other altcoin in the market, which let's face it, is not true. Bitcoin is the top dog in the market since Day 1, and that will never change. The way you used your analogy sounded like I could confuse Stranger Things on Netflix with any other show in there which is just not the case. Even newbies know the difference between investing in bitcoin and investing on a god-knows-what coin, so it doesn't make sense to confuse bitcoin for other cryptocurrencies just because there's a sea of them now.

Even if there were fewer cryptocurrencies, people would still choose the one that best suits their needs or that they have high hopes for. Bitcoin is unlike any other altcoin; it is distinct in its own right and cannot be compared to others. If there were fewer cryptocurrencies, bitcoin would have more investors than it does now, and other altcoins would also have more investors than they do now. More cryptocurrencies allow for greater investment diversification.

People just want the fastest option to make money, newbie crypto investors believe it’s too late to invest in bitcoin so they are more interested in buying altcoins and investing in ICOs that have the probability of multiplying their investments ten times. Altcoins are the most unpredictable investment in my opinion, who would have thought meme coins would become so popular and people would become millionaires from it.

Not a Bitcoin maxi but aren't other altcoins needed considering it doesn't it doesn't cover the whole by Bitcoin? Yeah Bitcoin was likely the pioneer but I think other altcoins technology are needed as well these days. People will choose Bitcoin as if it was the basis of all but as humans, for sure it's best if there will be alternatives.

I think people will always tend to choose the one which will give them more returns. After spending certain amount of time in the market everyone comes to know that market is highly risky compared to any other market so there opinion becomes that if we are already taking the risk take it at the maximum level which is why they go into altcoins and obviously if options are less people will always choose bitcoin but it'll even make the rest of remaining ones more credible as well.

Having altcoins keep the market in high competence, though majority of the altcoins are useless with very limited altcoins to be worthy. The best part, when it comes to cryptocurrency evryone will have bitcoin as the primary holding. To that we can see different altcoins getting added. This itself shows people give importance to bitcoin and I'm sure even if there is less number of altcoins diversification will be almost the same.

I think people become confused when they lack information about certain things.  I believe if people are well informed, they will not get confused between Bitcoin and other cryptocurrencies, no matter how many altcoins is there in the market.

Many people prefer to choose altcoins because of the thought of getting rich quickly.  It is not because they have less information. but because they wanted to repeat what early Bitcoin investors achieved during its early years.  So basically I don't think that people will choose to invest in Bitcoins if there are fewer cryptocurrencies.

I mean if there isn't any other cryptocurrency alternative then obviously people would be flocking to bitcoin instead of trying to risk higher gains through alts. This shouldn't even be debatable in the slightest. But alas, scam coins appearing left and right is a guaranteed thing to happen due to the open-source nature of bitcoin and 99% of cryptocurrencies.

Maybe people will choose bitcoin to invest over altcoins. But the presence of altcoins can help them to be able to benefit in fiat or bitcoin. So maybe some people will continue to invest in altcoins because the profit potential can be greater than bitcoin. Besides that, the purchase price of altcoins may be lower than bitcoin, and the whales can move the altcoin price to get that profit while waiting for the bitcoin price to increase. But with the existence of many altcoins, this can provide an opportunity for people to choose the investment they want besides investing in bitcoin.

Of course it will, this is why altcoins have indirect effect to make Bitcoin price become more cheaper or dump.

When many people get scammed due to scam shitcoin, they will blame the whole cryptocurrencies which is Bitcoin, it will cause a panic on the market, so the Bitcoin price will slightly decrease.

When there are a lot selection of cryptos and newbies doesn't know how to choose a good coin, they will confused and they might invest on a cheap shitcoin. If he choose Bitcoin, it will increase the demand and Bitcoin price would be more expensive.

Would you watch a movie if there was less feedback or if it had bad feedback rather than those most famous movies that people recommended? It is the same with cryptocurrency. What was people's favorite? Its Bitcoin. You have a point that people get confused, but only if they don't do research and just jump into the hype. That is why it is better to find what best suits you, and you feel that this is better than others. Research is the key to not being confused.

I disagree. There are already thousands of sh*tcoins out there but because bitcoin is the best and the most unique one, everyone knows that it's better to buy it rather than altcoins. That's why all investors say that the best crypto portfolio should have >50% of btc in it.

It is pointless to think about this as the number of coins will keep increasing, and even if each bear market buries thousands of coins they get replaced just as fast as they disappear once the bull market gets close.

Now it is true that when you are exposed to a lot of options you may have problems selecting just one of them, but once you realize those supposed options are not good then choosing bitcoin becomes extremely easy, so if we use your example even if there are a lot of movies to choose from it does not matter when only a few of them are any good.

Still, people won't invest in Bitcoin if they don't want to find out about crypto investing even though there aren't many other cryptocurrency options.
But if they know and understand how to invest in crypto even though there are many types of currency options they will find out one by one the advantages and disadvantages so that their choice will fall on Bitcoin investment.

Like beer with so many types of names and prices, of course drinkers will choose the type of beer that suits their taste even though the price is expensive.

Yes, but when you walk into a Supermarket, you are faced with the same thing... and what do you do? Well, you buy the things that you know and then you experiment with one or two new items every month.. until you find the products that you like.

Yes, there might be too many choices in Crypto currencies... but people just have to do a little bit of research to find the goods ones... and then experiment with some new ones to find more.  ;)

OP, the growth of the cryptocurrency industry is inevitable and you cannot forbid developers from having their own projects and fiercely competing in the market. I don't care how many altcoin are traded in the market, the number is growing but bitcoin is still the first.

After all altcoin are altcoins, they are another alternative that traders or investors can take advantage of if they don't like bitcoin or whatever the reason is. So it shouldn't be strange to have thousand of altcoin listed on exchanges and it will continue to grow over time. More choice is basically the reason why the industry continues to thrive, while many of those altcoin projects end up failing and sinking. My stance on this situation, ignore more altcoin and focus on bitcoin.

Well, I think it’s obvious that you would be a bit confused on which movie to select and watch since you didn’t log on the streaming platform with a particular movie in mind to watch. With so many genres and amazing options to choose from, anyone would take a while to choose a movie to see.

I think that also applies to the cryptocurrencies. When coming into the crypto space for the first time, you would obviously be confused as they’re a lot of coins out there. But if you have the knowledge of what you want to invest in, then there is no confusion as you know exactly what you’re looking for.
There are people that invest in alt coins to get some profit before the coin becomes obsolete. And they’re people that invest in alt coins cause they don’t know what they’re doing.

Like your movie analogy, people are confused cause they’re a lot of options to choose from. Very rational. That’s why people should always do their research and know exactly what coin they are about to invest in.

You have a valid point, there are too many alternatives to Bitcoin and many people opted for them because they tend to gain more from alts than BTC itself. No doubt, BTC is the number and the most relevant, but this does not count when it comes to trading and investments, people will go for the one that pays them the most.

Even with payments, there are many options that will complete your deals in under a minute and with a lower fee, unlike BTC. These are the reasons why people prefer the alternatives, and I agree with them unless you are a key ardent of BTC like me.

It is not necessarily true that people will choose bitcoins more if the number of cryptocurrency options is less. The choice of a cryptocurrency depends on various factors such as security, decentralization, accessibility, and suitability for specific use cases. While a limited number of options may make the decision easier for some individuals, it may also limit the availability of other cryptocurrencies that better meet their needs or preferences.

In the cryptocurrency market, Bitcoin is widely recognized and has a strong brand reputation, which may make it a more attractive option even if there are other cryptocurrencies available. However, as the cryptocurrency market continues to grow and evolve, more options and alternatives are becoming available, and individuals may choose to invest in other cryptocurrencies based on their unique characteristics and benefits.

In conclusion, the choice of a cryptocurrency ultimately depends on individual preferences and needs, and the number of available options may not be the primary factor influencing this decision.

It's a totally different thing looking at the numerous amount of altcoins in the market, it proves that the market is decentralized and anybody can work on the network. So, if a person doesn't feel like adopting bitcoin they can hold on altcoin for their own risk. I don't think the altcoins are affecting bitcoin instead the failure of the altcoins are like a torn in the flesh of bitcoin. Therefore if those altcoins performs well in the market it won't be bad to have them. Take a look at Ethereum, Bch and ltc they've been around for longer times and not only that, they have led lots of investors to hold bitcoin. What we should expect is lots of quality altcoins example on netflix the movies they are all quality.

Yes, it's development, and there's nothing we can do to stop it, but I don't think it's too bad either. More and more altcoins are being created, but none can last long or surpass bitcoin, that proves to everyone that bitcoin is always king, always the best choice in the market. As we have also seen, many people invest in altcoins, but it is only after a bear season that they gradually realize that bitcoin is the coin they should hold. Altcoins are raising the real value of bitcoin.

Yeah, most altcoins are likely a redundant to another one so most of them are totally not needed. Having Bitcoin should be the purpose of you really want to stay for the longer game, it should be the basis of a cryptocurrency man. Even if there less number of altcoins I will consider to have Bitcoin with huge percentage in my portfolio.

Sorry but this sounds like the dumbest thing I have heard today. How do you survive going out in life then? Supermarket? Do you get confused which rice to buy, which bread, which drink, which vegetable and fruit? Do you prefer that every day you get a box with fixed items?

How do you choose friends? Or you prefer people make your choices for you and maybe your parents arrange your marriage?

You don't. You learn and you try and you educate, then you make good choices.

Why should it be diferrent for Bitcoin?

Even if there are various choices, many will still choose what's trusted and proven to be the strongest in the market. But I have to agree that if there's a lesser choice, there's no other way investors will go and will have to end up investing with bitcoin.
We can think of the early days when there are not that many choices for most investors and yet, those altcoins that soared before became a top choice by many investors and to this day, they're no longer popular and has lost that stardom that they've taken as a choice as an alternative for bitcoin.

Yes, you're right that people will choose Bitcoin more if we had less cryptos on the market. However, that will somehow not broaden the market scope as we've it today. The more the merrier won't apply here if that happens and that's like limiting investors to a certain line of selection. I like the array of products there are in this industry as it affords investors the choice of a wider selection.

I am not sure about this because according to me its not the number of coins but the individual's bad choice that makes them not to invest in bitcoin.
Their lack of understanding the tech underneath the coin is what the major concern in investing.
There are 2 types of people who invest in bitcoin. One is who understand the tech and the other is who invest in majority.
The ones who don't invest in bitcoin and invest in altcoins are the ones who go behind quick money.
They take the risk in the trap of get rich quick. While some succeed by selecting well established altcoins others fail by falling for pump and dumps.

There are also some people are thinking that because there are already a lot of altcoins, they just invest in Bitcoin.
And the reason is also that most of the altcoins are just following Bitcoin, and Bitcoin is the safer bet to all cryptocurrencies right now.

I believe that there are only some people who are investing in some altcoins because they are thinking about huge ROI and believing their altcoins could multiply in just a short period of time which is somehow possible in some cases.

We have a consumer society, every day everyone makes a choice, which phone to choose, what clothes, what car, and so on. And when a person gets acquainted with cryptocurrency, he is faced with the same big choice and it’s normal that everyone finds something for themselves, but the problem is that when making this choice at first they don’t understand the significant difference and perhaps they think that some kind of new altcoin is future bitcoin. In time, understanding will come, but for this experience they will pay their money.

What you say makes sense, but we need diversity if we want to be bigger than other financial markets. Those who invest in bitcoin are those who like safety, low risk and love the benefits that bitcoin offers that other altcoins do not have, such as its decentralization. While those who choose altcoins are mostly risk-takers, taking risks to get rich quickly.

The market needs altcoins because we need diversity because not everyone has the same mindset. I like the current market, and I also expect altcoins to expand further in the future, only then can the crypto industry grow globally.

They are not confused, they just can't afford Bitcoin maybe, that's why they look for other options, so they automatically think altcoins are just good as Bitcoin since it's still cryptocurrency. They just lack of enough knowledge to figure out what's the best cryptocurrency to invest in. So also if they got stuck on a certain altcoin, they would blame Bitcoin for the sake of their mistake to lessen up their disappointment.

Definitely not; it will never be the quantity which gives doubt to people who are interested on engaging to this industry but the nature of volatility itself. Let's just say investment is not for everyone.
They only differ in value and the size of the blockchain. Bigger chain means more people are using it in any way possible, which afterwards result to increase in demand by period, and further positively affect the market price. Also it is not because they cannot afford bitcoin, 'coz we all do. It is not a requirement to buy a single Bitcoin in an instant. On the other hand, bigger quantity in asset won't guarantee bigger profit for the investor. Everything in this industry has risk and your responsibility is to lessen that risk by getting the right choice of crypto.

I think the movie analogy doesn't work. There is a metric of rating the movies, but it's widely disputed, and there are also at least different genres in which movies with very different styles, plots and dialogues and be considered good. With cryptocurrencies, there's a widely accepted list by market capitalization, and Bitcoin is just at the top of that list. It's true that there are bad movies and bad altcoins, but there are more aspects to movies than cryptos, which is why it's impossible to name the best movie but easy to name the best crypto. That being said, I don't think the idea of having less works well for movies either. When there were just a handful of movies in the early days, they weren't very popular. The market has growth significantly, attracting more people to movies and allowing single movies to be watched by way more people than before. It's similar with cryptos as well. I don't think Bitcoin would have been more popular with fewer altcoins around, and I don't think the problem with movies is that there are too many of them.

I will not concur with the OP. People that are well knowledgeable about cryptocurrency will select Bitcoin or reliable coins. It is not always true that if there are less cryptocurrency options, more users will pick Bitcoin. The majority of people pick altcoins in order to profit quickly from the volatile market and to make a few of x profits. Altcoins, in my opinion, cannot affect Bitcoin. It depends on a number of variables, including the motivations behind people's choice of altcoin, the benefits and potential issues of each decision, and the overall market situation.

Bitcoin is favorite because it is a biggest and safest cryptocurrency to invest. Alternate cryptocurrencies are more risky than Bitcoin.

Years ago when Bitcoin in early of its life since 2009, its adoption was smaller than today and in cryptocurrency, there were less altcoins too. Altcoins can die but Bitcoin is here and did not die since 2009. This big difference makes sense to convince people to pick Bitcoin, not altcoins.

If they choose altcoins, they ignore risks or accept risks with wanting to chase very high ROIs with altcoins if they are right and lucky with their decisions. I don't know how many people got rich with altcoins but with thousands of dead altcoin, I don't think the number of altcoin-made millionaires is too high.

Dead coins: How many cryptocurrencies have failed? (https://www.coingecko.com/research/publications/how-many-cryptocurrencies-failed)

Sooner or later you realize that there is something really worthwhile and important, and everything else is just garbage.

Bitcoin is unique. Only few people understand this.

Maybe you are right,  maybe  more people would have chosen or chose to invest in bitcoin if the number crypto assets were less, but then, I tell you that this is not so important, and it's not big enough to be called an excuse, those who did their research and set their minds on which coin to buy will never get confused, they will buy which ever coin they set their mind to buy.

The reason why you got confused on which movie to choose from in your Netflix app is because you never did any research before opening the app, if you had done a research, you would have known the particular movie you want to watch and go for it, you wouldn't be confused when you opened the app and saw several movies in the front page.
Same also it is with investors, if as an investor, you did your research, you would already know which coin to invest in, be it bitcoin or an altcoin, you wouldnt have to get confused upon opening your exchange app.

I do not think the number of available cryptocurrencies is relevant to how people choose where to invest.  As far as I know, it is more on the knowledge and preference of the investors.  If the investor is invited by another cryptocurrency to join the crypto wagon, then obviously that investor will invest in that cryptocurrency.  Or if a person is knowledgeable enough about the risk involved in every cryptocurrency then no matter how huge or many altcoins there is, if the investor prefers a lesser-risk investment then he will obviously choose Bitcoin despite millions of altcoin available in the market.

Oh, dear! It does. The preponderance of something makes it noticeable and this is what happens in cryptos. Those who are investing are likely to buy into small cap projects if they can't afford a complete unit of Bitcoin and then hope that those projects perform credibly well. If they've limited choice to pick from or just only Bitcoin, of course your guess is as good as mine where they would pick. If you've more options in life, would you say you wouldn't try them all or more of them instead of confining yourself to a few picks?

they may be confused at first but later on as they learn more about alts and btc, they will soon understand why many people still go back to BTC after learning what these alts are. it is only at the start about feeling lost and confused, as they learn more each day, it will be clear to them which projects or currencies are worth investing with their funds. a lot of alts have been created, abandoned, and gone, and yet, BTC remains to be at the top position. now, what can you deduce from such situation?

I always like to have alternatives. Alternative is a sign of freedom to choose and should not be denied anyone. Although I am not a fan of altcoins and I will not discourage anyone who wants to take the risk and invest in altcoins. Even if upto 90% of the altcoins are crappy, one should be careful on which one to invest.
Bitcoin is the king and even if we have 1 million altcoins today, bitcoin would still remain the king.

Technology and the token are two different things.
Some of that technology is useful (e.g. Monero's ring signatures give you privacy, which is a powerful tool against state tyranny) but we don't need another token. It can be introduced as an L2 or sidechain on Bitcoin (like Litecoin's MimbleWimble). Or some features can be added on the base layer if the core devs decide it's worth it.

We don't need another ticker for each feature that's desired.

As for the number of altcoins, I think they eventually help Bitcoin. People come to them for whatever reason, get rekt, start digging deeper and asking themselves profound questions for the first time in their lives (like "what is money?") and eventually take the orange pill.

Actually they are aware of Bitcoin, know about Bitcoin, the uniqueness of Bitcoin, and the potential of Bitcoin, there are choices in Cryptocurrency Investment, those who choose Altcoins are certainly not fully used In Altcoins, which I think they only use part of their wealth, factored in there is a team developers who make promises and there are also those who think short-term profits, there are also those who choose tokens because behind it there is a prize that will come later.

Basically Bitcoin will still be the Main Investment, Bitcoin is a long term investment, Bitcoin is very unique, people will still chase it, Bitcoin will still be prioritized, used as a guideline for objects, assets, future assets. although there are many choices I don't think this is too serious in terms of choosing which one is better among them, except for beginners, but this is not a problem, they will ask if they really want to know and don't want to make mistakes.

Although many emerging altcoins may dominate the crypto market, Bitcoin remains the top choice. Moreover, if there are few cryptocurrency options available, it will further enlarge bitcoin holders. But some altcoin sets will also be another option as a backup investment.

Some investors have an interest in bitcoin and some have an interest in other cryptocurrencies. and ultimately the decision to invest in crypto depends on various factors such as the potential profit to be obtained, the level of risk that will occur and the purpose for which the investment is made.

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Bitcoin remains the main one and altcoins will only be an alternative investment aimed at short-term investment.
Taking some advantage of the volatility of altcoins will also be a good choice, but with the caveat of not making a mistake in determining which altcoin to choose.

In my opinion, the number of crypto currencies doesn't matter as much as the people's ability to buy them. There are more than 20k crypto currencies, but most of them aren't listed on major exchanges, which means it's hard for average people or newcomers to buy them, whereas newcomers don't head to decentralized exchanges due to the difficulty associated with using them. Therefore, we shouldn't consider all these crypto currencies as valid choices if a newcomer wants to choose. From other side, there are other options for sure. Why limit the crypto market to only Bitcoin? There are other projects that try to build something new, otherwise we wouldn't witness the rise of the NFTs and Metaverse, which benefited a wide group of people to leverage their talent to earn money, as well as a high number of companies starting to leverage Metaverse for marketing purposes.

That is if they are an old member but what if they are new in here? They don't have any experience yet but it's possible for them to hear talks about BTC on the news, social media or on their local community. They can also do their own investigations about it. That is how they decide if they will pick Bitcoin over any other coins. If other alts pumps too then why will someone only rely in bitcoin?

I think better if you say that people should stick with BTC only because this coin can live for many more years but altcoins can die one by one. In fact many of them have already died and many are still on the waiting list. People should switch out asap before they regret it.

The problem about this one is that the investors of those shitcoins are promoting this kind of project and the chain is building up because of how people would easily fall into this trap and that's why so many similar scammy projects like that even exists in the first place.

Also they are looking for more profit from crypto Investment and absolutely they think Bitcoin is not enough by only doing single type of invesement hence even though if it was just only Bitcoin, it doesn't mean people will be more attracted to cryptos compared to this date with how much coins you can try to invest in currently.

People or investors are in for a profit.  So we won't be expecting all people will choose Bitcoin as an investment if they see another option to make them get more profit at the same level of risk.  As a matter of fact, even with greater risk, people will still choose another option if it will give them higher earnings in the same length of time.


It should be but I don't think in an investors mind, that is not the case.  Profit minded people will always choose the shortest possible venture that can give them higher yields.

Lesser the choice available people will move towards the trusted one for investment and other needs. This is the fact, but the increased number of cryptocurrencies keeps the market highly competing. Being on open market we were able to see more concepts getting evolved out of these. Maybe they aren't successful, but some concepts are really good to be effective on different systematic needs.

The advantage of Altcoin Volatility will be good when those who jump into Altcoins have sufficient material and insight so that they are able to make them compete with nothing to lose and understand the Altcoin concept in the sense that they understand at least from the Risks, many mistakes happen to them when they are unable to study Altcoins properly. well, from this point of view they will make mistakes either small or big so they don't get profits but instead lose on it.

But this does not happen to all Altcoins, I think only certain Altcoins can be used in situations to benefit from Altcoin Volatility, in general both choices between Bitcoin and Altcoins can be profitable, when the method used is wise.

That is the benefit of altcoins, the more competitive the market, the more the crypto industry will thrive. Along with that, investors like us have more choices and can diversify. Due to the fact that we are still in the early stages of the crypto revolution, incidents and scams are inevitable, and they are hurting a lot of investors but not because of that, we seek to prevent the development of this potential industry. My opinion is that the market needs altcoins to drive growth.

Just the biggest difficulty arises when you need to find among the thousands of altcoins these specific altcoins that are able to make a profit without putting your funds at great risk.

And it is also worth considering how much more profit altcoins can bring compared to bitcoin and will this difference in profits, if any, be worth the risks that investments in altcoins entail?

There are a lot of altcoins, and of course, if there were fewer of them, then people would be more likely to pay attention to bitcoin, but I see that there are old-timers on the forum who don’t care how many altcoins there are and how many more new ones will appear, they don’t care and they buy only bitcoin.

I don't agree, not really. The main reason people invest in other cryptocurrencies they invest in is mostly because they believe "profits are quicker in other Alts and investing in Bitcoin needs fund" Imagine investing $100 in Bitcoin or investing it in some other Alts and I don't mean like the real shitcoins, they might feel they are in a better position with Alts rather than Bitcoin with regards to available funds and ROI.

I also disagree with that thought, altcoins are really promising because it opens up opportunities for everyone, if there were only bitcoin, the market would be very boring and tasteless. Thanks to altcoins, the market is vibrant and there are many choices, many people also become rich by choosing the right altcoin. Bitcoin is safe today but not very profitable anymore, altcoin haters are the ones who are afraid to invest in altcoins.

So, you say that monopoly is better then open market? When there are no choices but you have to use the product in specific niche, then you are forced to use it. Maybe not forced but you don't have a choice, so, you don't have other options and you may think that it's the best one. But that's not good, you need more products in specific niche because competitiveness increases the quality of product and decreases the price. In terms of cryptocurrencies, competitive market opens new possibilities. For instance, Ethereum, Cardano, Polkadot. They solve the problems that bitcoin can't solve.
So, if we remove many altcoins and leave bitcoin, users of previous coins may move on bitcoin but it doesn't mean that what we did is a good action.

This theme for me looks like people will choose Ask.Com if the option of search engines would be less, like, if there would be no Google or Bing or Yahoo, yeah, people would choose Ask.com but that doesn't mean we did something good for people.

Though I wouldn't be surprised that those who create and sell shit coins use the money to funnel it into Bitcoin at least partially. All these shit coins that are created as BEP-20 and other token standards get deprived of their liquidity and then flow into other cryptos I would suppose.

It is still ending up in a net negative in terms of total investment as some of those who burn their fingers on shit coins might shy away from crypto altogether at least temporarily.

What you are saying is like bitcoin is unreliable, bitcoin is on the same level as altcoins, and bitcoin is afraid of altcoins taking its place. Bitcoin is king, which means no matter how many altcoins are created, they will never be able to compare with bitcoin. Even if we have millions more altcoins but as long as bitcoin outperforms all, there is no reason to fear. Every environment has competition, and if we are really strong, then there is no need to fear those who are weaker than us.

I do not believe that the number of cryptocurrencies is less, every day there are more cryptocurrencies that come and go, projects of all kinds go out and get investors, some projects are scams and they scam investors and those investors do not buy bitcoin because they think it is expensive , what some investors think is that buying cryptocurrencies that come out in less than 1 usd when they rise to 1 dollar or more they can do a lot, it is not bad, but it is a big risk, but they prefer to take those risks and hope that the project turn out great for them to win.

I don’t think that’s the message the OP is trying to pass. Bitcoin isn’t on the same level as any alt coin and no alt coin has the capacity or potential to replace bitcoin.
The OP was talking about the possibility of having so many alt coins making it difficult and confusing for mostly newbies to make a decision on which coin to invest in. Bitcoin is bigger and better than all the other alt coins put together and can’t be comparable in any way. Presently, there isn’t any alt coin that is a threat to the dominance of bitcoin in the cryptocurrency space and I don’t see anyone coming close to bitcoin anytime soon.

If you are a newbie investor, maybe that would be your way of thinking since you are not yet familiar with crypto market and has no real experience in crypto investing. But for veterans in crypto, regardless of how many altcoins that seem too good to be true, they will always chase for bitcoin and focus on it as their biggest investment. Because you know exactly how potential bitcoin is and how profitable it will be in the future, so you will never be tempted to invest in other crypto coins. Although diversification is good and advisable, but sticking to bitcoin is never bad if you really aim for a huge and maximum returns.

People will choose bitcoin more if they knew about bitcoin. That's basically it. Diversity in the cryptocurrency industry is very much needed, and is practically what keeps the industry alive. Without it, stagnation and a complete collapse of the system will follow suit. So whittling the choices down in favor of bitcoin is just going to cause more problems than benefits. Going back to my point, I concur that bitcoin will have a larger userbase if it was more suited to the general userbase of cryptocurrencies. That is if it was cheaper to transact with, faster, and more reliable, but we can't have our cake and eat it too, so we're stuck with a version of bitcoin that is better as a store of value than as a currency. Not saying that it is bad, but in the grand scheme of things, you couldn't really blame people for choosing other cryptocurrencies.

Bitcoin will always be the people’s choice. Even if there are less or more altcoins around, people would always chase for bitcoin. Altcoins are just an option to the existing bitcoin, and bitcoin will always be the center of the crypto investment because simply it is the blood of the whole crypto market. Without bitcoin, the whole crypto market may seem useless and boring, just my thought.

I somehow disagree with your statement. Even if the world of cryptocurrency is been saturated with thousands to millions of cryptocurrencies, majority of the users has at least BTC to their portfolio. Not to mention, majority of their investments come from BTC.

The reason is due to its price, market share, and liquidity on the market. In addition, with the happening of forks on BTC, there will always be that chance of its price skyrocketing like what happened years and years ago.

When I first joined this forum, the price of 1 BTC = $4,000 and people were skeptical lf its price would increase. Now that its current price is ~$20,000, expect that this might be the next price floor to a more bigger price in the future.

Whether the numbers of cryptocurrency option is high or less, that will not have a big effect on the market because if everyone invested in altcoins, then the market 8s nit going to move due to what triggers the market which is Bitcoin is not being patronized. In this condition, everyone will suffer it and we are going to continue being in the bear with sign of bull market.

To me i will simply say no, reason because they don't place any priority on what they want and to what they need as well. Let say for instance, You moved from your house to market to purchase some food stuff on getting to the market you became confused on what kinds of food stuff you wanna buy, this simply shows you are not yet hungry so you have to go back home and think properly if you are actually hungry or not.

So it is to people who want to invest in cryptocurrency today, if they placed value on bitcoin they would definitely go for bitcoin all less they are being influenced by friends and colleagues or possibly a wave of news concerning a particular altcoin, and do i say they don't know the benefits of bitcoin that is why they are finding it difficult to cast their net on bitcoin. Just as You and I knows the usefulness of bitcoin would you get confused on whether to hold it or not?
No! because they have poor knowledge and orientation concerning bitcoin.

Bitcoin will be the choice of the people. This doesn't mean people will have holdings in just bitcoin. People will be having bitcoin in a larger percentage against the altcoins. As stated the number of altcoins available in the market is just number as very limited number of altcoins were good at the market. There are people who prefer altcoins for the higher profitability, and those are high risk takers who prefer altcoins much more than bitcoin and such people are very low in number.

Having a lot of altcoins as the option for me personally ejecting bitcoin from the spotlight .. you know i'm a transaction man .. looking for the best coins fit my job well and bitcoin sometimes cannot facilitate that , so yeah if only there less altcoins ... people might have no choice but to choose bitcoin.

Just like what i did back in early 2013 .. not much altcoins available and i stick to bitcoin that time.

I agree with your opinion and for me
bitcoin is the main option to invest my money. altcoins are an alternative and add value to my investment in order to get short-term profits even though you have to do research and be prepared to lose if there is fraud or something like that

In this case, in my opinion, it is certain that they will choose bitcoin if there are only a few of them, but isn't it still the same, people will choose and the percentage of elections is at almost the same point. But don't we also need better comparisons and more variants, to see how good bitcoin is in its ranks, without lots of choices I think bitcoin's popularity will not be as great as it is now, because basically their altcoin developers are based on bitcoin or based on bitcoin and indirectly the altcoin network developers will bring bitcoin to their target market indirectly when marketing their products.
What is certain in this consensus, in my opinion, is not the same as an analogy such as choosing a film or choosing food on a restaurant menu, because the orientation of thought in this matter has different indications.

Yes yes.

It's like when you are in a class and you're the most intelligent, you will surely be at the top. Same with cryptocurrency. Bitcoin is at the top in terms of market cap, and it's the most trusted cryptocurrency that's why people will still prefer buying it than other altcoins out there.

Bitcoin being the most trusted cryptocurrency is enough statement already. 95% or maybe 97% of the altcoins are just pure crap and can't be trusted at all. Bitcoin will still be the #1 choice of investors.

Indeed, this is an easy alternative when there are not too many Altcoin selection menus and will make people tend to choose Bitcoin, and this is one of the factors that will increase interest and adoption of Bitcoin, but especially for those who already understand Bitcoin, of course it will stay consistent with bitcoin, everyone is aware of this, the risks that arise will not be the same as Altcoins which are very volatile.

Bitcoin is the best investment choice for the long term and not for altcoins, because altcoins still depend on the state of bitcoin. The risks that arise will not be the same, and are more likely to be at risk for altcoins. Bitcoin has a stronger price and will not be influenced by altcoins. People who already believe in bitcoin, will not switch to an altcoin that has no future. Maybe there are some who choose altcoins, but altcoins still have the potential for development in the future.

There are thousands of cryptocurrencies available in the market but still bitcoin dominance is 40 to 50 percent. We have to understand the fact that bitcoin is the only fully decentralized cryto currency available in the market. Ethereum shifting from PoW to PoS is clear indication that its controlled by a group of developers who have the ability to manipulate it and same is true for other alts also. No matter how many alts we have, there is no threat to bitcoin dominance.

I think the dominance of bitcoin over other alternative cryptocurrencies out there is absolute and not 40 to 50 percent. There are a whole load of alternative coins with weirder names out there and no one comes even close to bitcoin. So you’re right in a way, cause no matter how many alt coins there is out there, there isn’t anyone amongst them that can be a threat to the dominance of bitcoin.
I also think that the number of different cryptocurrencies out there would confuse the ignorant newbie on what coin to invest in.

In general, what determines the strength of Altcoin prices is Bitcoin, Bitcoin has a big influence on increasing Altcoins, but even so you can be sure that Bitcoin and Altcoins have different levels of risk, even though they live and develop side by side, Bitcoin will still be the main handle for each user, while Altcoins only some, some don't even use it, they stay focused on adding Main assets in Bitcoin.

I think the future between Bitcoin and Altcoins is much different, even though there are some altcoins that have the same characteristics and attractions as Bitcoin, I don't think this will ever be the same. people will save Bitcoins for the good future, while Altcoins cannot be said to hold good for the future, but there may be some of them that are good, but the bottom line is they will not be the same as Unique Bitcoins.

Bitcoin was the name when the pool of coins was so small for everyone, but interest in cryptocurrencies grew and people with all kinds of ideas got into this world and developed their own coins which has really divided the general interest in bitcoin alone...and definitely if the pool of coins were limited to a small number of coins, of course bitcoin would have been the talk of the day no doubt about this!

At this stage, its too late for this as bitcoin and all other altcoins have already take flight and we have thousands of coins on the market which makes this all wishful thinking... But then again having more of these altcoins makes cryptos a success as there is a coin for everyone's interest , be it health support, soccer fan coins, loyalty based tokens and many others which contribute in bringing interest to the crypto world.

Nevertheless, there are top films in Netflix, which is always very easy for you to co-orient in a large number of films. It is only necessary to sort by rating. Similarly, in the world of cryptocurrencies, you can easily go to Coingeco, for example, or Coinmarketcap, and see the most rated altcoins. And already choose from them which one you like more in terms of ideas and implementation.

Never the same, Altcoins and Bitcoin are very different. Some of the main differences between Bitcoin and Altcoin are that Bitcoin has a larger market capitalization compared to Altcoin which is divided by many altcoins. Some altcoins have good development and almost match bitcoin such as ethereum. No one doubts ethereum, but it is still below bitcoin. Bitcoin is a more stable asset than altcoins that are still affected and dependent on bitcoin. I keep bitcoin and some altcoins as my current portfolio. Maybe in the long run it will be profitable.


More altcoins are profitable if they can grow and provide good capitalization in the market. But for altcoins that will only become garbage, it will be of no use. Only used as a momentary market speculation.

Not all blockchains address the same necessities. So there is some justification for choice. Nonetheless, there are probably too many resources going into somewhat redundant choices.

Another problem is that people are confused about the term cryptocurrency. They usually assume that every coin in the crypto market is okay. Some of them don't know the difference between bitcoin and other coins. Due to the longevity and influnce of bicoin they think that buying any other coin will give the same result as bitcoin. I agree that having fewer coin will promote bitcoin adoption but nobody can stop these fakecoiners to stop rolling out more shitcoins.

I kind of agree with OP. But, Not with the complete statement.
On a platform, it will suggest to you the most watched and most viewed or popular series. You have to choose which one you want to watch. Right? There are many choices in everything. But, eventually, you have to make your own decision. The same thing applies to crypto as well. Bitcoin is the leading crypto in the market and it's secure. You have to understand it's feature and why Bitcoin is better than other crypto currencies.

Only someone who don't know any thing about cryptocurrency will be confuse on which cryptocurrency to choose but someone who have done research about cryptocurrency will definitely know bitcoin is the best to choose for investment because while comparing the value,  reliability, accessibility,  risk and other factors bitcoin is the best. Every other altcoins are trying to be like bitcoin which mean bitcoin is original, with all these qualities I don't see why one should be confused to make a good choice on what to choose.  It just only one that is blank that will be confused.

Nice analogy with what you were doing and also makes me think you are involved with crypto a lot. One can only think about or relate stuff when Back of the mind they are thinking about it and correlate it with the surrounding stuff.

Since we are in an independent market we can not stop peeps using blockchain and developing projects they want. I think if we had only bitcoin in circulation then effect would have been “bored”.  Like someone might have used it but over the time that buzz would have gone which we see today.

The market consist of btc - alt pair and there is huge volume that is traded between the two. I think it’s keeping the healthy economic circle in crypto. Bitcoin is still most liked one.

This is a difficult question....

On the one hand, indeed, if there were not such a huge number of different alternative cryptocurrencies, tokens and NFTs, then people could invest more money in bitcoin. 

On the other hand, it is precisely the huge number of different crypto assets that leads to the fact that each crypto enthusiast finds among them exactly the asset that he is interested in studying and in which he wants to invest. 

At the same time, in the long term, the price of all alternative crypto assets decreases.  Their capitalization is transformed into the capitalization of bitcoin. 

In addition, various alternative cryptocurrencies serve as experimental laboratories for testing various technologies that will later be implemented in the Bitcoin code.

and this will certainly be a panic when all crypto capitalization leads to bitcoin so that bitcoin's dominance strengthens. some of the alternative cryptos that are made experimental will just be abandoned altcoins. quite a lot of altcoins were abandoned when experiments failed and were only produced as speculation. in fact a lot of new altcoins have appeared and some crypto users are forced to enter new altcoins which are only used as experimental and will become hype at the start of their release, then disappear.

https://i.imgur.com/6ZI8AOZ.png
https://coin360.com/

Would literally be yes if there are no other options on which people would be sticking into Bitcoin but its inevitable that there would be always that someone who would really be considering on creating something new basing up into that specially if they do see that the main or original one do really get that huge support.

They would be normally be creating much more better and something that they could really say that it would really be able to snatch up some marketshare and would be making money for its developers.
Competition is really there but there's nothing to worry because even how many coins that we do have in the market but still Bitcoin do get the outmost support and the largest community among them all.
It cant be beat up so easily.

I have to disagree about that since we all know that bitcoin is the driving force of crypto so it’s a given fact that wise investors will always chase for bitcoin no matter what. Those altcoins are just cloned from the image of bitcoin so if you are here to invest for maximum profits, then you should prioritize investing in bitcoin rather than trying your luck in altcoins.