How Altcoins Failed To Win Over Bitcoin

[CryptoTalk365]

It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin.

Now, what are the reasons behind this failure?

[Aqib Sarwar]

Bitcoin is the king of Cryptocurrency, where altcoin might be able to compete and win against Bitcoin. The Crypto community are certainly aware of which coins are worthy of ownership. And this greatly affects the value of Bitcoin and the large number of Altcoin, the Crypto Community certainly prefer BITCOIN.  This is the reason why of the many altcoins that exist today, none is able to win Bitcoin.There are a number of reasons to believe that Bitcoin will remain king of the cryptocurrency market, whether based on technical innovations or simple network effects. And the altcoin market as a whole has performed rather horribly against Bitcoin over the past couple of years.

[tycsols]

It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin.

Now, what are the reasons behind this failure?

Simply because Bitcoin is the real thing when it comes to the crypto market, It is the thing from where all this journey of decentralization started so its position cannot be taken over by anything else so easily. Also you will notice that among all the coins Bitcoin is the one that has become a household name and everyone knows it despite the fact that they like cryptocurrencies or not but everyone knows Bitcoin and not many other coins so replacing Bitcoin is not going to be an easy task and i do not see it being replaced by any alt in near future.

[IvugeoEvolutionCoin]

Bitcoin is like the foundation, any sane person won't compare it to altcoins. The market cap has proven this over time, the margin is clearly wide. Without Bitcoin, altcoins won't surface. Well, BTC nowadays is more like a store of value, hence altcoins are still very relevant for mass crypto adoption. Some altcoins claim to have more advanced blockchain architecture which is a welcome development.

[ife2020]

I think we should not over worry or burden ourselves about bitcoin especially, bitcoin does not have to step on altcoins, while altcoins does not have to overthrow bitcoin to proof it is also dominant on its own, it is we investors that worry. Instead of wondering if it is bitcoin or altcoins that fails; why not dyor, choose a reliable altcoin to invest in and worry less about bitcoin ? There are lots of altcoins that has done over 100% already this year. key into it

[concept2]

You can deny the fact that bitcoin is the king of all cryptocurrency. 10-years is a long journey for it to earn a place in people's mind. The technology, although, is kind of weak, but being used and developed over years give strength in which empower its techonologies and usages. Many merchants and busisnesses have accepted bitcoin as a payment currency, which i believe is necessary to make others to remember and print its name in their head over and over 

You can force others to understand the whole cryptocurrency world. We are just in the beginning of a new generation which will have new techs and faciltities integrating friendly with our desires. Right now, just let bitcoin be the leader. It deserves that

[disconnectme]

Bitcoin is like the foundation, any sane person won't compare it to altcoins. The market cap has proven this over time, the margin is clearly wide. Without Bitcoin, altcoins won't surface. Well, BTC nowadays is more like a store of value, hence altcoins are still very relevant for mass crypto adoption. Some altcoins claim to have more advanced blockchain architecture which is a welcome development.

I agreed with all you said about Bitcoin but I can see in coming years time one or more Altcoins surpassing Bitcoin if nothing is done about the fundamental issues Bitcoin is having, new development is stalling and it seems like few people have hijacked the decision making process, reason being that if Bitcoin keeps diving its community I don't see how a house divided against itself would survive

[passwordnow]

Now, what are the reasons behind this failure?

It's because people learned that bitcoin is very much stable than the altcoins. It doesn't mean that in general altcoins have failed, many of them yes, are a failure but not all of them.
There are good altcoins that you can invest with your money but if you think that all of them are failure, it's also a good reason for you just invest to bitcoin.

[casperBGD]

But despite maximum numbers, these altcoins failed to win over Bitcoin.

Now, what are the reasons behind this failure?

think that it is quality over quantity, it is not matter how many altcoins there are, since most of them are not good enough to be even called projects, and a lot of them are clear scams, and BTC is one and only, in which people trust

if you add ETH as best altcoin, to BTC, there is even more discrepancy between top coins and altcoins

[enhu]

Its not about winning over BTC is the aim of all the projects, most of them are all for decentralization and convenience in crypto. They may not exceed the BTC price but they are gaining a community who will be using them as they intend to.

Just like BTC,  There are hundreds to thousands of these altcoins paired to USDT and other fiat currencies. The one that might just be aiming to beat BTC dominance is the BNB. BNB is trying to conquer the world, it may not be surprising that 5 to 10 years later its going to sit in the 2nd spot of the CMC rank.

[PerfectCircle]

It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin.

Now, what are the reasons behind this failure?

I witnessed how chainlink dragged LTC out of its position few days back on coinmarketcap making chainlink leaped over LTC, I believe that what keeps Bitcoin on its 1st position till date is marketcap and popularity, the popularity gives birth to strong support and strong community, it won't be an easy challenge for any altcoin to win over bitcoin, it's going to be a tough war

[shadowduck]

Its not about winning over BTC is the aim of all the projects, most of them are all for decentralization and convenience in crypto. They may not exceed the BTC price but they are gaining a community who will be using them as they intend to.

Just like BTC,  There are hundreds to thousands of these altcoins paired to USDT and other fiat currencies. The one that might just be aiming to beat BTC dominance is the BNB. BNB is trying to conquer the world, it may not be surprising that 5 to 10 years later its going to sit in the 2nd spot of the CMC rank.

I don’t think that BNB can really become a leader in this industry. the fact is that decentralization will be popular in the future. BNB is now the coin of the most centralized exchange. I do not think that we will see the same tendentious. centralized assets will die

[adzino]

It has been decades now since the Bitcoin became a popular name in the world of cryptocurrency. However, it had a slow start but eventually became a global crypto coin. All Kudos to its developer and founder, Satoshi Nakamoto who planned a whitepaper featuring the benefits that made it welcomed by people for trading. Bitcoin is the foremost crypto coin by which people came to know about cryptocurrency. They had hardly expected any technology that would become an alternative to the traditional currencies that they have been using until now. Not only it achieved worldwide fame, but it also paved the way for other alternate currencies which are known as ‘altcoins’. But despite maximum numbers, these altcoins failed to win over Bitcoin.

Now, what are the reasons behind this failure?

Altcoins failed? Failed like how? I mean, what makes you think they a coin would be considered more successful?
I do agree, most of the altcoins that come out fails, but then there are some other well known altcoins that has done are quite unique and has been successful. Being successful does not mean that it has to take over bitcoin.
I guess for you being successful means having higher price, right? If that is that case, stop thinking like this way.

[nelson4lov]

Now, what are the reasons behind this failure?

It's quite simple. Bitcoin has the first mover advantage and it's also the most widely used one. Whenever anyone wants to get involved with the cryptoshere (blockchains, cryptocurrencies, decentralized technologies etc) Bitcoin is the first thing they look into before proceeding. The problem with altcoins lies in the fact that they pose most risks and majority of them lack a major use case – there's at least over 100s of altcoins whose only purpose is to facilitate peer to peer transfer. There's a dozens of others offering almost the same functionalities/use.

By the way, Altcoins never failed, they're right where they are – providing supports in areas where bitcoin falls short.

[Twentyonepaylots]

Why do you think bitcoin is still on the top after a decade of existence? this has been asked numerous times in the forum but it can be answer by a common sense, a simply because bitcoin was first will do. Now that follows that bitcoin is secure  supported by decentralization. And as if altcoins were all created to be bitcoin, I believe that altcoins were made because the cryptomarket needs it, though there are some shitcoins we called but let's not touch them. Altcoins is giving a different taste of the market, imagine a store with just one product, dispassionate right?

[Coyster]

Now, what are the reasons behind this failure?

There are quite a lot: too many pump and dumps coins, project developers only out to reincarnate unsuccessful use cases for their coins, the ico doom and i can also add the fact many other forms of fundraising that came after, e.g ieo, didn't do better than their predecessors. I'm sure there are more reasons than this, but all of them have created the mindset in investors that altcoins are just as fake as a three-dollar bill, hence no need for diversification.

[CODE200]

I believe that there are different purpose lies on every coin, it is not always the competition in the market along with the hate and support. Most coins has its own use and utilization, they are not into replacing the bitcoin at the first hand. Now if you're telling me that alternative coins failed to win over bitcoin then I guess you should think it again, it is like believing that the sole purpose of bitcoin was to replace cash.

[rexxarofmoknathal]

I think the reason altcoins have failed to topple Bitcoin as the number one digital asset is simply down to the fact that they're being forced on us.

None of them really have groundbreaking utility yet, despite there literally being thousands of altcoins all designed for different reasons. None have actually managed to deliver on their use cases yet.

Bitcoin, however, is already used and accepted by tens of millions of people worldwide. It is at the point where it now cannot fail, since it has strong foundations from which to build on. these altcoins dont even have that.

[Jating]

Now, what are the reasons behind this failure?

(1) Bitcoin is the prime mover - so obviously, it won the hearts of early adopters and it slowly gain some attention, reaches ATH in 2017 that no other coin has gone. So it has perks of being the first coin in the market.

(2) There were attempts in the past, ETH (Flippening) XRP (Rippening) and BCH (Bitcoin Cash), they didn't succeed because they don't have the support of crypto community although they are already that big during their attempt to overtake bitcoin

(3) Altcoin price are based on bitcoin's movement, or all altcoin has been traded with bitcoin as their pair.

(4) Most altcoins are shitcoins anyways, that's why that stigma sticks to the altcoin market.

[forexandcryptoauditor]

The most important reason I see is, Bitcoin has now become a universal coin. If we take any projects of altcoins, their usage is limited to their functionality only. For example, if any project is for advertising, their token or coin can not be used beyond advertising or rewards within its ecosystem. On the other side, use cases for Bitcoin are not limited and can be incorporated in any projects anywhere as a payment method irrespective of the industry.
This is the main reason, Bitcoin is still leader in this market and wont be dominated in future as well.