Can too many Altcoin's can become a threat to bitcoin's existence

[AAKODI]

    More and more ICO projects are coming based on many major currencies and specially in this year the trend increased rapidly with many reputed organizations that are in various industries and trades decided to start there own digital currency to make there business more effective and efficient in order to gain more profit.
    Can these new launching Altcoin's make a negative impact on bitcoin's expansion in the future because we all know in order to increase the demand, usability and accessibility of bitcoin it should be widely use in most business areas but if Altcoin's take these opportunities how it can achieve its vision to become a widely used digital currency

[bitmover]

Nah, they can't harm bitcoin.

Those altcoins are trying to surf on bitcoin's wave and enthusiasm. It's thw other way around.

Probably most of hem will just be ignored in a few years or months, as bitcoin has better infrastructure and devs.

[mk4]

It does hinder the bitcoin (and cryptocurrency) ecosystem in general. People getting scammed by scam coins/tokens and the publicity of the news about the scams are getting gives people a bad impression of bitcoin/crypto. So it does slow down adoption to some degree in my opinion. Long term though? This will probably be irrelevant. Technology moves forward nonetheless.

Legit altcoins though? Probably not. Not a single altcoin that's focused on being a store of value or for-payments is close to bitcoin in terms of adoption and security.

[dothebeats]

I don't think so. The market might be overcrowded with useless alts of bitcoin but in the end, people know what to choose, that's why bitcoin still has the largest market cap of all the cryptocurrencies in existence. Also, most experts and giants in the field are acknowledging bitcoin more than any other coins, which gives traders confidence on the coins they picked, hence why the volume is still large even though some coins are gaining traction. As for the legal side, many countries are starting to draft their own regulations and laws regarding bitcoin and cryptocurrencies. Japan is a fine example of bitcoin's legalization, and other countries would sure to follow suit.

[libert19]

Nope. Just see the current scenario — Bitcoin dips a bit, altcoins dip a lot only strong will survive.

[freebutcaged]

If you think about it, Bitcoin has a market cap of over one hundred and nine billion dollars while the rest of the coins

Have less. do you know how many coins we have?

So it does slow down adoption to some degree in my opinion.

You are wrong, having hundreds of coins with a combined market cap of less than Bitcoin's, is a competition and

Bitcoin has to think about the ways to compete more rigorously. in the future if Bitcoin wants to survive, it needs to

Offer something more.

[Commitments]

Based on how altcoin price is it, many alcoin just be trash and have more drop price and it not better for buying and invest coin there. I found many altcoin delisted form exchange market and have lost money there.

[senin]

The presence of so many varieties of altcoyins can not in any way damage the bitcoins. In altcoyins, especially for tokens, their functions and tasks, and they are used in narrow spheres of human activity. Bitcoin and altcoins do not practically intersect during their existence.
The presence of a large number of altcoyins, in my opinion, can only benefit bitcoin, because if people first learn about the existence of altcoyins, they will surely afterwards hear and be interested in bitcoin.

[Herbert2020]

look at the history. it will tell you all you need to know. we already have 9 years of history and in this period of time we have had tens of thousands of altcoins that have been created, pumped and dumped and eventually many of them died. there are years that they create more of them like last year since the altcoin pumping market is booming during that time but in the end the fate of shitcoins is always going to be death and their short life and death will never affect bitcoin in any ways.

[resty]

    More and more ICO projects are coming based on many major currencies and specially in this year the trend increased rapidly with many reputed organizations that are in various industries and trades decided to start there own digital currency to make there business more effective and efficient in order to gain more profit.
    Can these new launching Altcoin's make a negative impact on bitcoin's expansion in the future because we all know in order to increase the demand, usability and accessibility of bitcoin it should be widely use in most business areas but if Altcoin's take these opportunities how it can achieve its vision to become a widely used digital currency

No all of these are tying to build up their own business and unfortunately there's some other coin are not succeed  to their goal and suddenly it will totally closure but these not the threat to bitcoin it seems like competition being popular and more supporters are win.

[chocolah29]

Nope. Just see the current scenario — Bitcoin dips a bit, altcoins dip a lot only strong will survive.

Exactly, this trend tell us everything and what we exactly needed to do.

Altcoin being a threat to bitcoin is just an ambitious move of every altcoin as they're all dreaming that one day they will be on top. Nonetheless, no one will and ever replace on where bitcoin is. The fact that even a lot of bitcoin fork coins were born, trying to imitate what bitcoin had, they even won't touch the bottom of bitcoin.

Don't get confuse with altcoins, some of them were like a rotten ones in crypto sphere.

[BitcoinNewbie15]

Nope. Just see the current scenario — Bitcoin dips a bit, altcoins dip a lot only strong will survive.

Exactly, this trend tell us everything and what we exactly needed to do.

Altcoin being a threat to bitcoin is just an ambitious move of every altcoin as they're all dreaming that one day they will be on top. Nonetheless, no one will and ever replace on where bitcoin is. The fact that even a lot of bitcoin fork coins were born, trying to imitate what bitcoin had, they even won't touch the bottom of bitcoin.

Don't get confuse with altcoins, they were like a rotten ones in crypto sphere.

The argument that Bitcoin naysayers use is that Bitcoin is worthless because there are thousands of other coins out there that can be created. Peter Schiff tries arguing this point a lot. Erik Voorhees had the best response to it, which is, sure you can copy and paste the Bitcoin code and make thousands of crap coins, but you cannot copy and paste the community, infrastructure, and development team that supports Bitcoin.

So no OP, no other altcoin can threaten Bitcoins existence. Bitcoin will always be ahead because it is the reserve currency of the crypto space. It will eventually become a reserve commodity for the world. Governments will eventually be buying Bitcoin to hold in their reserves. Bitcoin is far too secure, and the network is far too large for another coin to take over. Nothing can replace Bitcoins killer app of being the most secure store of value outside of any third parties control.

Also, shouldn't this be in the altcoin discussion board? I could be wrong, maybe it fits in Bitcoin discussion since it isn't about any particular altcoin.

[Webberson]

Bitcoin is self dependent and its existence brought about other cryptocurrencies which are now known as Alternative currencies. I believe that no matter how strong an altcoin becomes, it certainly would not be able to take over bitcoin's existence. The previous and current state of the market at every given point in time shows it all.

[Manuel05]

I will say let them keep coming. Bitcoin is forever the big guy every altcoin is looking up to. In the past, alot of  altcoins have marketed themselves with some sort of comparative advantage to Bitcoin. For instance, some altcoins have touted really faster confirmation times; others claim to offer privacy enhancements. But for some reason bitcoinn still remain dominant. Even though Bitcoin developers have focused on implementing their own innovations rather than responding to what’s going on with the altcoin market.
Right now it wont affect bitcoin existence but hey nobody knows what will happen tomorrow.

[palle11]

The market is for bitcoin and nothing more. Maybe in the future, we might see a competition but for now, it doesn't exist.

I think the more we have altcoins, it exposes bitcoin as the dominant coin because many altcoins come but when the wind is blown by bitcoin, they die off. Just like the parable of the sower, sowing seeds with weed, won't lead to any growth.

[AAKODI]

Nah, they can't harm bitcoin.

Those altcoins are trying to surf on bitcoin's wave and enthusiasm. It's thw other way around.

Probably most of hem will just be ignored in a few years or months, as bitcoin has better infrastructure and devs.

You maybe right because of the demand and the popularity of the bitcoin at the moment but considering speed and usability do you think there is a possibility they have advantages over bitcoin to expand more into businesses

[maskeffec]

The presence of a new altcoin will not affect bitcoin. alcoin functions and tasks to be used in a narrow scope of human activity. Bitcoin and altcoin are not practically tangent to their existence. precisely what I see The presence of a large number of altcoins can benefit bitcoin, because if people first learn about the existence of altcoins, surely they also learn about Bitcoin first, then jump into Bitcoin, because Bitcoin is safer than alcoin.

[Assface16678]

Nah, they can't harm bitcoin.

Those altcoins are trying to surf on bitcoin's wave and enthusiasm. It's thw other way around.

Probably most of hem will just be ignored in a few years or months, as bitcoin has better infrastructure and devs.

I agree with this. This is probably just some acts that will only prove that bitcoin is theost powerful coin im cryptocurrency and no other coin can beat it. At the same time it will probably affect altcoins and not bitcoin. Because we can see that there is a huge possibility that the altcoins user will be torn into different coins. With this, bitcoin is still the king.

[davhek]

At the moment literally, none of them is a threat to Bitcoin. And as it seems none will be. Most of them will disappear sooner or later.

[bitcoindusts]

Bitcoin has to think about the ways to compete more rigorously. in the future if Bitcoin wants to survive, it needs to Offer something more.

I do think that bitcoin will continue to innovate itself over time. A revolutionary technology as such is bound to outdo its current features to survive. And i think the forks that occurred, both hard and soft, is a clear indicator that bitcoin is not resting its laurels.

Bitcoin will surely continue to improve itself to keep the edge against all other cryptocurrency out there.