IDEA! Bitcoin Dominance - $hitcoin's v Satoshi's

[aoluain]

Looking at Bitcoin's market dominance its currently at around 50%

https://www.tradingview.com/markets/cryptocurrencies/global-charts/

The Alt coins are sucking a lot of attention away from Bitcoin. I know for
a fact that a lot of newbies who are looking to get into Crypto are drawn to
DOGE, pure speculation, get rich quick thinking.

They look at Bitcoin as an entity and see it at $54000 and look at DOGE at $0.24
(or whatever). So psychologically they can get either a part of a Bitcoin or lots
of DOGE.

If Bitcoin was priced per Satoshi on exchanges do you think it would compete
better against $hitcoins or how the above would see it?

They could buy 1000 DOGE or 2000 sato for example.

[i know Bitcoin is already decimalised ie. mBTC]

[hector3115]

I still prefer bitcoin and nothing else.

[Yogee]

I don't know but mentioning satoshi priced in USD instead of bitcoin to trick newbies thinking that it's cheap could work. It's just Psychology.

Sites like this https://www.btcsatoshi.com/ could be helpful.

1 Satoshi = USD $0.0005467928
1 USD = 1,829 Satoshi

Another factor why they buy Doge is that they believe it could increase in price like bitcoin.

[dansus021]

https://www.tradingview.com/x/Bzr9IrWR/ Bitcoin dominance chart show it still on bearish so we wait bitcoin sideways or up to see another ath on altcoin

[mk4]

Is there even anything surprising here? Historically when in cryptocurrency bull markets the Bitcoin dominance metric on exchanges has almost always dropped, most probably due to people being greedy and want to gain more price increases through riskier projects.

And yea, unit bias is definitely a thing. Hence why I'd much prefer sats as the main denomination, as to hopefully prevent some newbs into being burned.

[GreatArkansas]

Here's the updated Bitcoin Dominance as of now.
Bitcoin dominance is currently sitting off the floor, battling on the 50%.
This is very huge for Bitcoin, plus the monthly close candle is fast approaching. Once Bitcoin Dominance will close below 50%, I am worried about Bitcoin and probably we will see some altcoins run here, especially Ethereum will lead the run and other high - mid altcoins market cap.

[Assface16678]

Are there any coins that can match the growth of bitcoin for 5 years though? Because as far as I know, bitcoin still holds that title so if you want to risk your capital then go for it and invest in other coins but you have to be careful because they don't have the same pump that bitcoin does, they may go up but it isn't a lot compared to investing in bitcoin.

[hd49728]

Old and top altcoins will rise.
Midcap altcoins will rise in hundreds of percent.
New scam coins will fly to the Moon.

All of active altcoins will rise, in orders or together, and they will result in lower dominance of Bitcoin. Although Bitcoin might highly have lower dominance, it won't mean it will have lower price on the market. Price and dominance are different and won't be only affected by price of Bitcoin. Lots of contributors for Bitcoin dominance drop or rise as said.

[pooya87]

I'm a big fan of using smaller units to report bitcoin amounts, specifically Satoshi. They did it with gold, as you don't buy a ton of gold, or a big ass bar of gold but you can see the price or buy it in small increments with all those weird units such as "oz"! In comparison bitcoin units using the SI system like micro, mili, etc.

But the real question is "do we even care?"
The answer is no. The dominance market cap ratio is meaningless and if some people want to focus on it and invest their money in useless altcoins that will lose them a lot of money, then it is their choice. The altcoin pump and dump will always continue and since it costs nothing to create trillions of circulating coins every day they will continue doing it decreasing this ration further.

[davis196]

1.Bitcoin dominance is a pointless indicator,if we are comparing Bitcoin to all altcoins combined,instead comparing Bitcoin to every altcoin separately.
2.The units doesn't matter.What matters are the profit margins.The newbies are buying dogecoin,not because the dogecoin price is 0,24 USD,but because they expect the dogecoin price to explode to a few dollars per dogecoin.This is the same reason why some dumb people are buying penny stocks.

I don't think that changing Bitcoin into satoshis will change anything.Some people love the big numbers and Bitcoin has big numbers. It's impressive to have a cryptocurrency,that's worth 55K USD.

[hd49728]

1.Bitcoin dominance is a pointless indicator,if we are comparing Bitcoin to all altcoins combined,instead comparing Bitcoin to every altcoin separately.

Compares one cryptocurrency to net of thousands of cryptocurrencies on the market. It is unfair and meaningless. Dominance indicators (for Bitcoin and altcoins) can be used if you compare them with a fixed set of altcoins. That is not applied in reality. Altcoins are dead and born every day and in each bull market, many new altcoins are created. The dead and new altcoins distort the Altcoin marketcap which also distorts the Bitcoin dominance.

Investors can not rely on Bitcoin dominance to invest in Bitcoin or Altcoins. And hey, what is this? Why investors have to rely on Altcoins for their investment in Bitcoin?

2.The units doesn't matter.What matters are the profit margins.The newbies are buying dogecoin,not because the dogecoin price is 0,24 USD,but because they expect the dogecoin price to explode to a few dollars per dogecoin.This is the same reason why some dumb people are buying penny stocks.

It is lesson for newbies. They make greed mistakes in stock market with penny stocks and in crypto market with shit altcoins. Buying satoshis of Bitcoin will give them more safe investment than thousands of shit altcoins.

[maydna]

I don't know if this is right or wrong, but if I have 0.5 btc or 1 btc, I will use 0.1 btc or 0.05 btc to buy doge and speculate with that coin. I don't mind risking my money to buy Dogecoin because I like Dogecoin for a long time ago. I don't know if that is worth it or not or the price can increase more than now or get the dump to deep price. I am willing to gamble it.

The newbie looks that they can get more Dogecoins amount than buying bitcoin, and they think that Dogecoin price can still increase, and sooner or later, the price will break $1 and more. But if they see the history of Dogecoin, they will think twice to invest in Dogecoin using a large amount of money, and they will invest in bitcoin.

But bitcoin can't compare to other coins, and other coins can't compare. Although bitcoin dominance now seems down, I am sure the bitcoin will get more support in the future, impacting the price to increase more.

[avikz]

Well it's a psychological matter op had suggested. I think it wouldn't have a lot of impact because whoever is jumping on altcoins with a speculative mindset, they will stick to their intention to get Rich quickly. There is nothing else in their mind so this transition from bitcoin units to Satoshi wouldn't help here!

Also the way bitcoin market is progressing, the transition from bitcoin unit to Satoshi seems inevitable for easier calculation in a few years from now. But again that wouldn't change the mindset of speculators in any way!

[20kevin20]

Imagine it as a slingshot. The more money is attracted from BTC into alts, the more the slingshot is pulled. The release will be once Bitcoin moves up again and it'll certainly be a strong bounce, just like all the previous ones.

I don't know but mentioning satoshi priced in USD instead of bitcoin to trick newbies thinking that it's cheap could work. It's just Psychology.

Even if it does work from a psychological POV, what are the long-term benefits? Is it really worth the efforts? Best case: more people see Bitcoin as a still cheap asset.

A better way to check this out is by comparing the supplies and create a proper price ratio of those shitcoins vs BTC's. Bitcoin has ~18.7M coins in circulation. DOGE has ~129,389,700,000 coins in circulation, which is 6921.5x more than BTC's. Therefore, if DOGE had Bitcoin's supply, it would've been worth ~$2146 right now. Is the price worth it for the useless coin? I'd say it's a big no.

Another factor why they buy Doge is that they believe it could increase in price like bitcoin.

To be honest, if someone thinks DOGE could rise even to the high Bitcoin had in 2013, ~$1200, and sit on a tremendous mountain of $155,267,640,000,000 as a market cap without even being useful at all, then unfortunately they deserve to learn this is impossible through their own mistake.

These people prefer to put their money in bags of shit hoping they'd become billionaires overnight instead of actually documenting and studying these coins and seeing what kind of wonders Bitcoin can do. There are so many signs everywhere around not only that Bitcoin is here to stay but also that pretty much 99.9% of the coins are completely full of bullshit and useless. Not willing to listen to those signs is a personal choice. When they'll want Bitcoin, it's gonna be too late and you'll find these guys in ponzi/scam networks like "Pi" hoping they'll find one very special grain of sand among the shore.

[aoluain]

The slingshot is a good analogy, I can see it happening.

If the newbies and others getting into the likes of DOGE checked the supplies
and stats they would realise that Bitcoin is more attractive but they dont, they
only see $'s and the quantity they get for buy in.

"Why have part of a Bitcoin when I can have 1000 DOGEcoin"

Nobody really thinks any $hitcoin can rise to match Bitcoin but there is
a movement out there who are promoting "DOGE to a Dollar". Its pure
"Pump and Dump" territory and when the slingshot is released there will
be many many casualties.

[Fundamentals Of]

It might not help at all. I don't see a connection between the unit and people's desire to buy Bitcoin. They did not buy Doge because 1 Doge is of small value. It was not the factor that made them buy Doge. It was probably due to Elon's indirect shilling of Doge.

If you put more value on the unit Satoshi instead of Bitcoin, then the 21,000,000 supply would become 210,000,000,000,000. That won't make Bitcoin attractive for buyers either. That's a whole lot of supply.  

Wise crypto investors buy certain cryptocurrencies because of their features.

[kryptqnick]

BTC dominance is still pretty high, and I expect it to remain around 50% in the future just like it did over the last year. As for pricing, I think you're right that there's this psychological aspect to it, and buying tons of some coins feels better than buying a tiny part of Bitcoin. Perhaps even stating the price per mBTC could make some difference. But honestly, this would only bring more newbies to the market, and I'm not sure if that's what we need. They can pump the price, but they can also cause a lot of damage by panic selling.

[Lucius]

No wonder Bitcoin dominance goes downhill when most beginners (but also those a little more experienced) turn their attention to altcoins that they think will bring them far higher profits than investing in BTC. I think it would be a bad idea to visually change the display of BTC values compared to any other coin, everyone has a right to know how much something costs and if they can afford it. In particular, I can say that most faucet owners manipulate the display of rewards when it comes to Doge - because it looks much nicer when it says that the reward is 353454 than 0.000353.

Still, I wouldn't worry about BTC's dominance falling, because if we look back, the same thing happened in early 2017 that shares a resemblance to 2021 (both come after halving). March 6, 2017 BTC dominance was as high as 84.59%, followed by a huge drop to only 37.84% on June 19 of the same year. Something similar is happening now, just look at the chart.

Source

[tbct_mt2]

Still, I wouldn't worry about BTC's dominance falling, because if we look back, the same thing happened in early 2017 that shares a resemblance to 2021 (both come after halving). March 6, 2017 BTC dominance was as high as 84.59%, followed by a huge drop to only 37.84% on June 19 of the same year. Something similar is happening now, just look at the chart.

History will be repeated again and 2020 and 2021 newbies will look at their decisions next 2 or 3 years. They will have regret like I had in 2018 and 2019. Altcoins will be down and Bitcoin will dominate the market in next 2 or 3 years.

History will show how boring it repeats itself and how people don't want to believe in history and the strength of Bitcoin.

The DeFi and NFT trends are more risky than altcoin and ICO trend in 2017 and losses will be bigger and more massively.

[Alucard1]

Both bitcoin and shitcoin(Doge) are profitable in terms of investing, the thing why most of the people keep on investing in bitcoin than Doge is that bitcoin already proves itself, bitcoin is the safest haven among cryptocurrency and you wouldn't bother to invest on it huge money, unlike on Doge which is a manipulated altcoin, it is hard to trust an altcoin as it can go down so hard compared to bitcoin.