What effect does a growing number of altcoins have on Bitcoin

[KevinRosa]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

From the current perspective, even if a certain currency surpasses Bitcoin in the technical field, it will take a long time for the value to surpass Bitcoin. I firmly believe that the influence of Bitcoin will increase in the future. The current altcoins have been controlled by greedy human nature, many of which are simple plagiarism, worthless innovations, and even scams. Many air coins, really like the author said, are constantly squeezing the value of Bitcoin, using the trend of Bitcoin to carry out some unexpected activities, rather than impressing me through faith and a perfect economic model. I am sometimes disappointed. If you think about it from another angle, things must develop like a candlestick chart, with twists and turns.

[conected]

In fact, altcoins do not have much influence on Bitcoin, but Bitcoin has influence on altcoins. For example, when altcoins fall, it is still business as usual for Bitcoin, but when Bitcoin falls, altcoins will basically fall with it. , And Bitcoin has been developing for ten years, and the technology is getting better and better, and Bitcoin will definitely get better and better.

- If altcoins have no influence, why do their numbers continue to increase and the value of bitcoin has also increased from there? This is clearly a parent and subsidiary system, when the parent company wants to replicate its development but lacks the platforms and capital, they will need subsidiaries such as altcoins. Such a series of investment events each year has turned into a conference for bitcoin to conduct fundraising, altcoins are the bricks paving the way for bitcoin to move to the future faster

[Golftech]

Will also be affected a little. Bitcoin is the king of encryption, and the program code is open and transparent, so there will be new digital currencies that will continue to innovate in technology, that is, altcoins. Altcoins improve and perfect the shortcomings of Bitcoin. Some people will choose altcoins over Bitcoin, but it directly affects Bitcoin.

If looking for real innovation, alt coins can do better as it have more  time to improved what lacking with

bitcoin, though there are lots of scam projects which is not good for this industry but those good projects

in the other hands impacting the progress and success as bitcoin still the benchmark of crypto market.

[Nora Olin]

Bitcoin is very influential as the largest cryptocurrency. Many investors tend to invest in Bitcoin. Some people are now infiltrating new and innovative altcoins. The price of most altcoins usually follows the price of Bitcoin, but sometimes when Bitcoin falls, the price of altcoins soars. This is because some investors withdrew funds from Bitcoin and turned to altcoins.

[Shasha80]

In fact, altcoins do not have much influence on Bitcoin, but Bitcoin has influence on altcoins. For example, when altcoins fall, it is still business as usual for Bitcoin, but when Bitcoin falls, altcoins will basically fall with it. , And Bitcoin has been developing for ten years, and the technology is getting better and better, and Bitcoin will definitely get better and better.

I agree that when it comes to price, altcoins will have no effect on Bitcoin. This means that the price of Bitcoin will not be affected by altcoins,
but on the other hand the price of Bitcoin can affect the price of altcoins. But altcoins can have another effect on Bitcoin, because with the many
altcoins that have sprung up, it can increase the popularity of Bitcoin. Most traders use Bitcoin pairing when trading altcoins, this is what makes
Bitcoin more attractive.

[Questat]

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

What I could say is that it doesn't matter how many altcoins will be created as it never affects the market trend of Bitcoin and I know that Bitcoin will go to the moon in no specific time frame. It is not game-changing I think because investors had already known what particular coin they will invest and they surely don't bother themselves to waste their time looking for nonsense projects. Because at the end of the day, they will still choose Bitcoin over the others.

[molsewid]

What I could say is that it doesn't matter how many altcoins will be created as it never affects the market trend of Bitcoin and I know that Bitcoin will go to the moon in no specific time frame. It is not game-changing I think because investors had already known what particular coin they will invest and they surely don't bother themselves to waste their time looking for nonsense projects. Because at the end of the day, they will still choose Bitcoin over the others.

I think bitcoin will still remain the most influential crypto today, i mean there are also huge altcoins arised like ethereum and binance and others and keep on arising like many altcoins but as of today what we can witnessed is that the market movement of bitcoin is really affect the market movement of other crypto. I think that the growing number of altcoins doesn't really affect or even threat on the existence of bitcoin.

[Caldear]

The emergence of altcoins is only a short-term phenomenon, while Bitcoin has existed for more than ten years, has withstood the test of time, and its technology is constantly improving. The emergence of altcoins is only for short-term benefits. Its technological development is not perfect and it is easy to be attacked and disappear. However, Bitcoin has accumulated a lot of computing power in the early stage of development, and it is difficult to be attacked by 51%. Altcoins have little impact on the long-term development of Bitcoin.

[samsul1234]

I was just thinking, most new projects i.e the altcoins we have today are really not bringing anything new to the table other than enriching the devs themselves, who have these projects milking the life(value) out of established coins like bitcoin which could be the cause of been bearish or the extra load that's slowing bitcoin from going to the moon.

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

hello sir, i think what might be very influential most of the companies might be for their personal interests, but i see shitcoin or the current project is not affecting the selling price of bitcoin, bitcoin will not be affected sideways, bitcoin is still standing in front, which affects the price selling bitcoin is bad news about bitcoin bitcoin

[Liamttw]

Altcoins will not have a big impact on Bitcoin. Bitcoin is relatively long, has withstood the test of time, and the technology is relatively perfect. It has also accumulated a large amount of computing power in the early stage of development, and it is difficult to be attacked by 51%. As the dominant position of Bitcoin as a cryptocurrency, people have a strong recognition and consensus on it, and its future development potential is also great.

[numberslacey]

Most of the Alt coins are derived from the algorithms used in bitcoin’s blockchain and with studies coming out most of them are being regarded as more energy efficient and take even lesser time to process. Which is why there is a big possibility that the introduction of more altcoins will affect the demand of bitcoin

[marilynmanson21]

the more altcoin  on the market can have positive and negative effects for bitcoin itself
, the positive side: if one altcoin uses btc payments and the project is useful in the future it can make the value of bitcoin rise because the altcoin project provides benefits for its users and the bitcoin name becomes famous.
negative side: if many altcoin projects are fraudulent, it will give a bad image to bitcoin and can reduce public confidence in bitcoin itself

[Ozero]

Altcoins will not have a big impact on Bitcoin. Bitcoin is relatively long, has withstood the test of time, and the technology is relatively perfect. It has also accumulated a large amount of computing power in the early stage of development, and it is difficult to be attacked by 51%. As the dominant position of Bitcoin as a cryptocurrency, people have a strong recognition and consensus on it, and its future development potential is also great.

However, it cannot be denied that altcoins are growing and developing, and not only quantitatively, but also qualitatively. Using the example of DeFi and NFT, we can see that they are pulling off capital investments and therefore the level of dominance of Bitcoin is gradually decreasing. However, this does not directly affect him as the leader of the cryptocurrency. But in general, altcoins have a controversial impact on bitcoin. The role of cryptocurrency and its prevalence in the world is growing, including in many respects due to altcoins.

[Kong Hey Pakboy]

Nothing in my opinion, most of them just coincidentally goes up with bitcoin because some people told some people and those people told some people and so on. In my opinion, it's actually bitcoin causes the altcoins to grow because when the prices are high, not everyone can afford bitcoin so they go for the alternative.

[Arvin01]

More and more altcoins prove the success of Bitcoin.
If it were not for the success of Bitcoin, there would not be so many altcoins.
There are also many altcoins that are developing very well like Bitcoin.
Among so many coins, Bitcoin is still king.
Technology is constantly updated and developed. There may be better technologies to replace Bitcoin. This is the future.
This time period is still dominated by Bitcoin. Other altcoins still depend on the development of Bitcoin.

[dupee419]

The majority of the altcoins follow along with the movement of Bitcoin in the market, but I do consider these altcoins valuable, of course, the devs have to supply themselves and the team regarding to that specific altcoin, although it may seem like a threat, I don't think we should worry since most of the altcoins rely on Bitcoin's movement in the market.

[stomachgrowls]

So what could be the long term effect of having more altcoins on the market, will they help build or break bitcoin?

Could exchanges play a major role in ensuring shitcoins don't get to see daylight to protect coins that are established to grow?

What I could say is that it doesn't matter how many altcoins will be created as it never affects the market trend of Bitcoin and I know that Bitcoin will go to the moon in no specific time frame. It is not game-changing I think because investors had already known what particular coin they will invest and they surely don't bother themselves to waste their time looking for nonsense projects. Because at the end of the day, they will still choose Bitcoin over the others.

There would be always smart investors and there are some which do only invest neither they've dragged with the hype or been suggested by someone which would really result on why there are people who do really
invest on coins which are obviously trash and ending up on caught up themselves when it dumped forever.

Number of altcoins did sure give somehow some effect but not a major thing to Bitcoin.It could move on its own as long there would be some demand.They do have different markets since people get involved
with this investment does have choices which one of the two or having both.

So i dont see for this to be an issue or wouldnt mind off.

[uneng]

Number of altcoins did sure give somehow some effect but not a major thing to Bitcoin.It could move on its own as long there would be some demand.They do have different markets since people get involved
with this investment does have choices which one of the two or having both.

Since altcoins belong to different markets, some of them can help bitcoin becoming more popular by migrating the public of one niche to another.
I can mention NFTs as example. Many NFTs belong to the gaming market, which doesn't have its public focused in bitcoin. But through the adoption of NFT games, that is the main interest of this public, they can be also introduced to bitcoin from that moment on.

I've seen it happening already: people who had no knowledge or curiosity for bitcoin, however after they got involved with blockchain games they developed interest for that. That is why I think we could say altcoins have a positive impact on bitcoin.

[BITCOIN4X]

Altcoins will not be able to kill bitcoin's dominance in the market. Thousands of altcoins do not even have the same uses as bitcoin as a means of payment, although some of them exist but are not as good and frequent as bitcoin. Bitcoin is dominated by many large investors who believe it to be the most profitable investment asset in the long term.

Altcoins are the second choice to diversify their assets to maximize profit. In the long term, I have seen altcoin not being able to influence the price of bitcoin and that is proof that bitcoin is a standalone asset without being influenced by the thousands of altcoin that are constantly vying for a place in the hearts of traders and investors.

[ILuckyGuyI]

The growing number of altcoins can't end Bitcoin in the future. It is not the number which is the most important thing. It is the quality of a project what matters. Now, we have around 11.6k cryptocurrencies in the market. More than 90% of them are useless, it is a true story. The best projects are in the minority but not all of them have the capability of dethroning Bitcoin in the future also.